St. Johns Investment Management Company LLC Purchases 528 Shares of Cummins Inc. (NYSE:CMI)

St. Johns Investment Management Company LLC raised its stake in Cummins Inc. (NYSE:CMI) by 12.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,924 shares of the company’s stock after purchasing an additional 528 shares during the quarter. St. Johns Investment Management Company LLC’s holdings in Cummins were worth $1,451,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of CMI. Meiji Yasuda Asset Management Co Ltd. grew its stake in Cummins by 5.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,100 shares of the company’s stock valued at $937,000 after purchasing an additional 210 shares in the last quarter. Natixis Advisors L.P. lifted its position in shares of Cummins by 9.5% in the third quarter. Natixis Advisors L.P. now owns 86,446 shares of the company’s stock valued at $19,750,000 after buying an additional 7,507 shares during the last quarter. Westfield Capital Management Co. LP lifted its position in shares of Cummins by 6.8% in the third quarter. Westfield Capital Management Co. LP now owns 25,745 shares of the company’s stock valued at $5,882,000 after buying an additional 1,632 shares during the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Cummins by 0.5% in the third quarter. Treasurer of the State of North Carolina now owns 75,571 shares of the company’s stock valued at $17,265,000 after buying an additional 357 shares during the last quarter. Finally, Synovus Financial Corp lifted its position in shares of Cummins by 3.7% in the third quarter. Synovus Financial Corp now owns 13,465 shares of the company’s stock valued at $3,076,000 after buying an additional 476 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marvin Boakye acquired 1,745 shares of Cummins 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 transaction, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CMI. JPMorgan Chase & Co. raised their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. The Goldman Sachs Group lifted their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird dropped their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Finally, TD Cowen lifted their price objective on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. 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 stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $287.55.

Cummins Trading Down 0.5 %

Shares of CMI opened at $281.65 on Thursday. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24. The business’s fifty day moving average is $282.93 and its 200-day moving average is $268.21. 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 firm has a market cap of $38.52 billion, a price-to-earnings ratio of 20.62, a PEG ratio of 1.76 and a beta of 1.02.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid a $1.68 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.39%. Cummins’s payout ratio 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.