Summit Financial Wealth Advisors LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,245 shares of the company’s stock, valued at approximately $201,000.
A number of other institutional investors have also recently bought and sold shares of the business. Riverview Trust Co bought a new stake in shares of Cummins during the 4th quarter worth about $27,000. Ipswich Investment Management Co. Inc. purchased a new position in shares of Cummins in the fourth quarter worth approximately $28,000. Guidant Wealth Advisors purchased a new position in shares of Cummins in the first quarter worth approximately $29,000. Prime Capital Investment Advisors LLC purchased a new position in shares of Cummins in the fourth quarter worth approximately $32,000. Finally, SeaBridge Investment Advisors LLC purchased a new position in shares of Cummins in the first quarter worth approximately $32,000. 81.25% of the stock is owned by hedge funds and other institutional investors.
NYSE:CMI traded down $0.79 during trading hours on Wednesday, hitting $157.91. 1,030,621 shares of the company traded hands, compared to its average volume of 1,116,088. Cummins Inc. has a twelve month low of $124.40 and a twelve month high of $169.45. The stock has a market cap of $25.19 billion, a P/E ratio of 11.94, a PEG ratio of 1.23 and a beta of 1.10. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.57 and a quick ratio of 0.96.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, April 30th. The company reported $4.20 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.51 by $0.69. Cummins had a net margin of 10.24% and a return on equity of 30.72%. The business had revenue of $6 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the firm earned $3.30 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 16.19 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Friday, May 24th will be issued a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Thursday, May 23rd. Cummins’s dividend payout ratio is currently 34.47%.
In other Cummins news, insider Srikanth Padmanabhan sold 1,687 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $160.00, for a total transaction of $269,920.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.95% of the stock is owned by corporate insiders.
Several research firms have recently weighed in on CMI. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price on the stock in a research report on Friday, May 3rd. Piper Jaffray Companies set a $195.00 target price on shares of Cummins and gave the stock a “buy” rating in a research report on Thursday, April 4th. Oppenheimer downgraded shares of Cummins from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 7th. Citigroup raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $155.00 to $190.00 in a research report on Tuesday, April 16th. Finally, Loop Capital downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $166.29 price objective on the stock. in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have assigned a buy rating to the company. Cummins presently has an average rating of “Hold” and a consensus target price of $165.61.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
Read More: Recession
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.