Allen Mooney & Barnes Investment Advisors LLC Has $11.84 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Allen Mooney & Barnes Investment Advisors LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 1.3% in the first quarter, HoldingsChannel reports. The firm owned 37,788 shares of the company’s stock after purchasing an additional 485 shares during the period. Cummins accounts for 1.9% of Allen Mooney & Barnes Investment Advisors LLC’s holdings, making the stock its 22nd biggest position. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Cummins were worth $11,844,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of CMI. BankPlus Trust Department purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $26,000. Meeder Asset Management Inc. lifted its stake in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after acquiring an additional 52 shares in the last quarter. TCTC Holdings LLC acquired a new stake in Cummins during the 4th quarter worth about $28,000. SBI Securities Co. Ltd. purchased a new position in Cummins during the 4th quarter valued at about $30,000. Finally, Capital A Wealth Management LLC purchased a new position in Cummins during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $323.84 on Thursday. The stock has a market capitalization of $44.61 billion, a P/E ratio of 11.50, a P/E/G ratio of 2.19 and a beta of 1.04. The business has a 50-day moving average of $305.97 and a two-hundred day moving average of $337.67. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the business earned $5.08 EPS. On average, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Friday, May 23rd. Cummins’s payout ratio is 36.22%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CMI shares. Citigroup upped their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Morgan Stanley increased their price objective on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Evercore ISI lowered their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a research note on Monday, May 19th. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, UBS Group lowered Cummins from a “buy” rating to a “sell” rating and reduced their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cummins has a consensus rating of “Hold” and an average target price of $357.25.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by insiders.

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.