Cummins Inc. (NYSE:CMI) Stock Position Boosted by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. boosted its stake in Cummins Inc. (NYSE:CMI) by 11.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,474 shares of the company’s stock after buying an additional 464 shares during the period. First Trust Direct Indexing L.P.’s holdings in Cummins were worth $1,318,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bison Wealth LLC grew its position in Cummins by 3.6% in the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock valued at $293,000 after buying an additional 42 shares in the last quarter. KB Financial Partners LLC boosted its position in shares of Cummins by 1.3% during the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after purchasing an additional 45 shares in the last quarter. Edmp Inc. boosted its position in shares of Cummins by 0.8% during the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after purchasing an additional 46 shares in the last quarter. Ledge Wealth Management Inc. boosted its position in shares of Cummins by 0.5% during the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock valued at $2,165,000 after purchasing an additional 48 shares in the last quarter. Finally, D.B. Root & Company LLC boosted its position in shares of Cummins by 0.9% during the 4th quarter. D.B. Root & Company LLC now owns 5,331 shares of the company’s stock valued at $1,277,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Marvin Boakye acquired 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were purchased at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Cummins Stock Up 1.7 %

Shares of NYSE CMI traded up $4.53 during mid-day trading on Thursday, reaching $272.08. The company had a trading volume of 504,655 shares, compared to its average volume of 1,010,093. The stock has a fifty day moving average of $281.03 and a two-hundred day moving average of $269.50. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company has a market capitalization of $37.22 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 1.66 and a beta of 0.99. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, equities research analysts expect that Cummins Inc. will post 18.86 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is 49.19%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CMI shares. Truist Financial reduced their price objective on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research report on Tuesday. Robert W. Baird reduced their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. TD Cowen raised their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. JPMorgan Chase & Co. upped their price objective 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. Finally, Citigroup assumed coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. 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, Cummins presently has an average rating of “Hold” and a consensus target price of $287.18.

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.