Financial Partners Group LLC Takes Position in Cummins Inc. (NYSE:CMI)

Financial Partners Group LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund bought 1,095 shares of the company’s stock, valued at approximately $323,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Cummins by 3.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after purchasing an additional 246,025 shares during the period. Fisher Asset Management LLC raised its holdings in Cummins by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after purchasing an additional 106,017 shares during the period. Morgan Stanley boosted its position in shares of Cummins by 2.7% during the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after purchasing an additional 50,476 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after buying an additional 96,387 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 1.3 %

Shares of NYSE:CMI traded down $3.56 during midday trading on Friday, reaching $276.93. The company had a trading volume of 1,643,842 shares, compared to its average volume of 1,005,899. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The stock has a market cap of $37.88 billion, a PE ratio of 20.27, a P/E/G ratio of 1.73 and a beta of 1.02. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average price is $282.30 and its 200 day moving average price is $269.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Research analysts forecast that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio is currently 49.19%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CMI shares. The Goldman Sachs Group boosted their target price on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Truist Financial reiterated a “hold” rating and issued a $319.00 price objective on shares of Cummins in a research report on Wednesday, May 15th. 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 research note on Monday, March 25th. TD Cowen increased their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Finally, Citigroup started coverage on shares of Cummins in a research report on Wednesday. They issued a “buy” rating and a $320.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $287.55.

Insider Activity

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

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.