Cummins Inc. (NYSE:CMI) Shares Acquired by Massachusetts Wealth Management

Massachusetts Wealth Management increased its position in shares of Cummins Inc. (NYSE:CMI) by 7.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,787 shares of the company’s stock after acquiring an additional 335 shares during the quarter. Massachusetts Wealth Management’s holdings in Cummins were worth $1,410,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CMI. Norden Group LLC acquired a new position in Cummins in the 1st quarter valued at about $1,436,000. Wallington Asset Management LLC grew its position in Cummins by 9.0% in the first quarter. Wallington Asset Management LLC now owns 1,526 shares of the company’s stock worth $450,000 after acquiring an additional 126 shares during the period. True Link Financial Advisors LLC acquired a new stake in Cummins during the first quarter worth $453,000. Azzad Asset Management Inc. ADV raised its position in Cummins by 13.3% in the first quarter. Azzad Asset Management Inc. ADV now owns 9,296 shares of the company’s stock valued at $2,739,000 after purchasing an additional 1,088 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Cummins by 0.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 410,647 shares of the company’s stock worth $120,997,000 after purchasing an additional 2,041 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.7 %

NYSE:CMI traded up $4.58 during trading hours on Thursday, hitting $272.13. The company’s stock had a trading volume of 504,655 shares, compared to its average volume of 1,010,093. The stock has a market capitalization of $37.22 billion, a P/E ratio of 19.92, a price-to-earnings-growth ratio of 1.66 and a beta of 0.99. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The stock has a fifty day moving average of $281.44 and a 200-day moving average of $269.48.

Cummins (NYSE:CMI) last announced its quarterly 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 return on equity of 25.38% and a net margin of 5.70%. The company 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 18.86 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Buying and Selling

In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the company’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cummins news, VP Marvin Boakye acquired 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were purchased at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction on Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CMI shares. TD Cowen lifted their price target on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. The Goldman Sachs Group increased their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Truist Financial dropped their target price on Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research report on Tuesday. Finally, Raymond James assumed coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Two equities 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $287.18.

Cummins Profile

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.