PFG Investments LLC Has $708,000 Stake in Cummins Inc. (NYSE:CMI)

PFG Investments LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,260 shares of the company’s stock after buying an additional 56 shares during the period. PFG Investments LLC’s holdings in Cummins were worth $708,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC raised its position in shares of Cummins by 5.7% in the fourth quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after buying an additional 67,266 shares in the last quarter. Fayez Sarofim & Co raised its position in shares of Cummins by 72.3% in the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock valued at $2,857,000 after buying an additional 3,440 shares in the last quarter. National Bank of Canada FI raised its position in shares of Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after buying an additional 3,298 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after buying an additional 1,114 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Cummins by 4.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company’s stock valued at $54,876,000 after buying an additional 6,107 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE CMI opened at $316.54 on Tuesday. The firm’s fifty day moving average price is $311.69 and its two-hundred day moving average price is $333.86. The stock has a market cap of $43.61 billion, a PE ratio of 15.75, a PEG ratio of 1.89 and a beta of 1.04. 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 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI) last posted its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.08 earnings per share. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.30%. Cummins’s payout ratio is presently 36.22%.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone acquired 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 completion of the purchase, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CMI shares. Evercore ISI dropped their price target on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Truist Financial decreased their price objective 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. Finally, Morgan Stanley lifted their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $357.25.

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.