NorthCrest Asset Manangement LLC Invests $282,000 in Cummins Inc. (NYSE:CMI)

NorthCrest Asset Manangement LLC bought a new position in Cummins Inc. (NYSE:CMI) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 899 shares of the company’s stock, valued at approximately $282,000.

Several other hedge funds have also recently modified their holdings of the stock. Legacy Trust lifted its holdings in shares of Cummins by 0.8% in the first quarter. Legacy Trust now owns 19,798 shares of the company’s stock worth $6,205,000 after buying an additional 165 shares in the last quarter. Fort Washington Investment Advisors Inc. OH raised its stake in Cummins by 9.0% during the first quarter. Fort Washington Investment Advisors Inc. OH now owns 821 shares of the company’s stock valued at $257,000 after purchasing an additional 68 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC raised its stake in Cummins by 1.3% during the first quarter. Allen Mooney & Barnes Investment Advisors LLC now owns 37,788 shares of the company’s stock valued at $11,844,000 after purchasing an additional 485 shares in the last quarter. Ferguson Wellman Capital Management Inc. purchased a new stake in Cummins during the first quarter valued at $207,000. Finally, Fifth Third Bancorp raised its stake in Cummins by 0.3% during the first quarter. Fifth Third Bancorp now owns 93,635 shares of the company’s stock valued at $29,349,000 after purchasing an additional 249 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CMI shares. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and decreased their price target for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Robert W. Baird decreased their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Truist Financial decreased their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and upped their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. 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 related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average price of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by insiders.

Cummins Trading Down 1.7%

CMI stock opened at $319.19 on Monday. The firm’s fifty day simple moving average is $308.02 and its two-hundred day simple moving average is $336.44. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $43.97 billion, a price-to-earnings ratio of 11.33, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $5.08 EPS. As a group, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins’s dividend payout ratio is presently 36.22%.

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.