Cummins Inc. (NYSE:CMI) Holdings Raised by Graypoint LLC

Graypoint LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 21.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,255 shares of the company’s stock after purchasing an additional 221 shares during the quarter. Graypoint LLC’s holdings in Cummins were worth $301,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Baystate Wealth Management LLC grew its stake in Cummins by 63.6% in the 4th quarter. Baystate Wealth Management LLC now owns 247 shares of the company’s stock valued at $59,000 after buying an additional 96 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new position in Cummins in the 4th quarter valued at $195,000. Cornerstone Wealth Group LLC acquired a new position in Cummins in the 4th quarter valued at $5,389,000. Perigon Wealth Management LLC acquired a new position in Cummins in the 4th quarter valued at $331,000. Finally, Kanawha Capital Management LLC acquired a new position in Cummins in the 4th quarter valued at $203,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 1.0 %

Shares of NYSE CMI opened at $295.78 on Tuesday. The stock has a market cap of $40.45 billion, a P/E ratio of 57.10, a P/E/G ratio of 2.03 and a beta of 1.04. The firm has a 50 day moving average price of $276.99 and a 200 day moving average price of $246.85. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the firm posted $4.52 EPS. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. Analysts expect that Cummins Inc. will post 18.29 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is currently 129.73%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were 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 of the company’s stock, valued at $4,584,529.71. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the topic of several research analyst reports. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Bank of America downgraded shares of Cummins from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $243.00 to $225.00 in a report on Friday, January 19th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Finally, TD Cowen lifted their price target on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $276.10.

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.