Daymark Wealth Partners LLC Buys 3,082 Shares of Cummins Inc. (NYSE:CMI)

Daymark Wealth Partners LLC raised its stake in Cummins Inc. (NYSE:CMIFree Report) by 108.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,929 shares of the company’s stock after buying an additional 3,082 shares during the period. Daymark Wealth Partners LLC’s holdings in Cummins were worth $1,420,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Synovus Financial Corp boosted its position in shares of Cummins by 254.4% during the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after purchasing an additional 4,378 shares in the last quarter. Cibc World Market Inc. boosted its position in shares of Cummins by 65.4% during the 1st quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after purchasing an additional 7,191 shares in the last quarter. Sei Investments Co. boosted its position in shares of Cummins by 16.1% during the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after purchasing an additional 13,058 shares in the last quarter. Prudential PLC bought a new stake in shares of Cummins during the 1st quarter valued at about $711,000. Finally, Cetera Investment Advisers boosted its position in shares of Cummins by 43.0% during the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after purchasing an additional 1,925 shares in the last quarter. Institutional investors own 81.81% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $274.84 on Monday. The business’s fifty day simple moving average is $253.33 and its 200 day simple moving average is $237.83. The firm has a market capitalization of $38.99 billion, a P/E ratio of 53.06, a price-to-earnings-growth ratio of 1.83 and a beta of 1.03. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $276.92. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMIGet Free Report) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business earned $4.52 earnings per share. As a group, analysts anticipate that Cummins Inc. will post 18.38 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Insider Activity

In related news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,289 shares of company stock valued at $13,576,838. Insiders own 1.12% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on CMI shares. Morgan Stanley started coverage on Cummins in a research report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price on the stock. Citigroup increased their price target on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Truist Financial started coverage on Cummins in a report on Thursday. They issued a “hold” rating and a $303.00 price target on the stock. Bank of America lowered 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. Finally, TD Cowen increased their price target on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $263.70.

Read Our Latest Stock Analysis on Cummins

Cummins Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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