Cummins Inc. (NYSE:CMI) Shares Acquired by Applied Capital LLC FL

Applied Capital LLC FL lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 3.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,498 shares of the company’s stock after purchasing an additional 229 shares during the period. Cummins accounts for about 1.6% of Applied Capital LLC FL’s portfolio, making the stock its 24th largest holding. Applied Capital LLC FL’s holdings in Cummins were worth $1,915,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. First United Bank & Trust acquired a new position in shares of Cummins during the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC acquired a new position in shares of Cummins during the 4th quarter worth approximately $26,000. Silver Oak Securities Incorporated acquired a new position in Cummins in the third quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. acquired a new position in Cummins in the fourth quarter valued at approximately $31,000. Finally, Quarry LP lifted its holdings in Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after acquiring an additional 106 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Raymond James initiated coverage on Cummins in a research note on Friday. They set a “market perform” rating on the stock. TD Cowen increased their target price on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. The Goldman Sachs Group raised their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Finally, Truist Financial decreased their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $287.18.

Cummins Price Performance

Shares of NYSE:CMI traded down $4.09 during trading on Tuesday, reaching $268.20. The company had a trading volume of 511,552 shares, compared to its average volume of 2,069,561. The firm’s fifty day moving average is $282.30 and its 200 day moving average is $269.13. The firm has a market capitalization of $36.68 billion, a PE ratio of 19.93, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. On average, equities analysts forecast that Cummins Inc. will post 18.84 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio is presently 49.19%.

Insider Activity at Cummins

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Marvin Boakye acquired 1,745 shares of the company’s stock in a transaction on Monday, May 20th. The shares were purchased at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the purchase, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the company’s stock in a transaction on Friday, May 24th. The stock was bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 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.