Graypoint LLC Acquires 221 Shares of Cummins Inc. (NYSE:CMI)

Graypoint LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 21.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,255 shares of the company’s stock after purchasing an additional 221 shares during the quarter. Graypoint LLC’s holdings in Cummins were worth $301,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Balentine LLC boosted its holdings in Cummins by 3.3% during the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after acquiring an additional 127 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC purchased a new position in shares of Cummins in the 3rd quarter worth about $9,048,000. Sequoia Financial Advisors LLC boosted its holdings in shares of Cummins by 200.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after buying an additional 3,866 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Cummins by 227.6% in the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after buying an additional 16,869 shares during the last quarter. Finally, Eldred Rock Partners LLC purchased a new position in shares of Cummins in the 4th quarter worth about $7,195,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 1.0 %

Shares of CMI opened at $295.78 on Tuesday. The business’s 50-day moving average price is $276.99 and its 200-day moving average price is $246.85. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The stock has a market cap of $40.45 billion, a PE ratio of 57.10, a P/E/G ratio of 2.03 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the prior year, the company earned $4.52 earnings per share. The company’s quarterly revenue was up 9.9% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CMI shares. Citigroup boosted their price target on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. TD Cowen boosted their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $243.00 to $225.00 in a report on Friday, January 19th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Monday, March 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $276.10.

Insider Activity

In related news, Director Daniel William Fisher acquired 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares in the company, valued at $284,696.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the transaction, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Daniel William Fisher acquired 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last ninety days. Company insiders own 0.56% of the company’s stock.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.