Sweeney & Michel LLC Takes $304,000 Position in Cummins Inc. (NYSE:CMI)

Sweeney & Michel LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,029 shares of the company’s stock, valued at approximately $304,000.

A number of other hedge funds have also made changes to their positions in CMI. First United Bank & Trust purchased a new position in shares of Cummins in the 4th quarter valued at approximately $25,000. Private Wealth Management Group LLC purchased a new position in shares of Cummins in the 4th quarter valued at approximately $26,000. JNBA Financial Advisors lifted its holdings in shares of Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares during the period. LRI Investments LLC purchased a new stake in shares of Cummins in the first quarter valued at approximately $35,000. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. The Goldman Sachs Group lifted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. TD Cowen boosted their target price on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Truist Financial decreased their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research note on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $287.18.

Cummins Stock Down 0.7 %

NYSE CMI traded down $2.16 during mid-day trading on Tuesday, reaching $289.04. 620,714 shares of the company’s stock traded hands, compared to its average volume of 1,902,215. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The company has a fifty day simple moving average of $279.43 and a 200-day simple moving average of $275.67. 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 company has a market cap of $39.53 billion, a price-to-earnings ratio of 21.16, a P/E/G ratio of 1.83 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates 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. As a group, equities research analysts expect that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date of this dividend is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is 49.19%.

Insider Buying and Selling at Cummins

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Marvin Boakye bought 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was purchased at an average price of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is owned by insiders.

Cummins Company 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.