Waddell & Associates LLC Buys New Position in Cummins Inc. (NYSE:CMI)

Waddell & Associates LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 842 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. First United Bank & Trust purchased a new position in shares of Cummins during the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC purchased a new position in Cummins in the 4th quarter valued at approximately $26,000. Silver Oak Securities Incorporated purchased a new position in Cummins in the 3rd quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. acquired a new stake in Cummins during the 4th quarter valued at $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new stake in Cummins during the 3rd quarter valued at $39,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 0.9 %

Shares of Cummins stock traded down $2.35 on Friday, hitting $271.87. 770,359 shares of the company traded hands, compared to its average volume of 828,388. The company has a 50-day moving average price of $288.59 and a 200 day moving average price of $263.93. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $304.24. The company has a market cap of $37.19 billion, a PE ratio of 19.90, a PEG ratio of 1.69 and a beta of 1.02.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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 business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Sell-side analysts predict that Cummins Inc. will post 18.84 earnings per share for the current year.

Cummins Announces Dividend

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

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction 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 sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was bought at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the purchase, the vice president now 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.

Wall Street Analyst Weigh In

A number of brokerages have commented on CMI. Evercore ISI increased their target price on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a report on Tuesday, February 20th. Truist Financial restated a “hold” rating and set a $319.00 price objective on shares of Cummins in a report on Wednesday, May 15th. JPMorgan Chase & Co. raised their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. TD Cowen raised their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, Citigroup raised their price objective on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $284.36.

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.