Global Assets Advisory LLC Acquires Shares of 15,316 Cummins Inc. (NYSE:CMI)

Global Assets Advisory LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 15,316 shares of the company’s stock, valued at approximately $4,513,000.

Several other hedge funds have also made changes to their positions in the company. Bison Wealth LLC boosted its position in shares of Cummins by 3.6% during the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after purchasing an additional 42 shares during the period. KB Financial Partners LLC increased its holdings in shares of Cummins by 1.3% in the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after acquiring an additional 45 shares during the last quarter. Edmp Inc. raised 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 worth $1,332,000 after acquiring an additional 46 shares in the last quarter. Ledge Wealth Management Inc. lifted its stake in Cummins by 0.5% during the fourth quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock worth $2,165,000 after purchasing an additional 48 shares during the last quarter. Finally, D.B. Root & Company LLC boosted its holdings in Cummins by 0.9% in the fourth 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. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were acquired at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction 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 purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Truist Financial reissued a “hold” rating and set a $319.00 price objective on shares of Cummins in a research report on Wednesday, May 15th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. TD Cowen raised their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, Robert W. Baird reduced their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $284.36.

Cummins Price Performance

Shares of NYSE:CMI opened at $283.96 on Tuesday. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24. The firm has a market capitalization of $38.84 billion, a price-to-earnings ratio of 20.79, a price-to-earnings-growth ratio of 1.73 and a beta of 1.02. The business’s 50 day simple moving average is $283.16 and its 200-day simple moving average is $267.84. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid 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 2.37%. Cummins’s dividend payout ratio (DPR) is 49.19%.

About Cummins

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.