River Street Advisors LLC Grows Position in Cummins Inc. (NYSE:CMI)

River Street Advisors LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 4.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,872 shares of the company’s stock after buying an additional 275 shares during the period. Cummins comprises 1.2% of River Street Advisors LLC’s investment portfolio, making the stock its 24th largest position. River Street Advisors LLC’s holdings in Cummins were worth $1,730,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after acquiring an additional 2,055,239 shares during the last quarter. Norges Bank bought a new position in Cummins during the 4th quarter worth approximately $298,867,000. International Assets Investment Management LLC grew its position in Cummins by 21,025.8% during the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock worth $176,126,000 after acquiring an additional 731,697 shares during the last quarter. iA Global Asset Management Inc. bought a new stake in shares of Cummins in the 3rd quarter worth approximately $71,268,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Cummins by 3.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after buying an additional 246,025 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was 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 in the company, valued at $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of 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. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Down 1.3 %

Shares of CMI stock traded down $3.56 during mid-day trading on Friday, hitting $276.93. The company’s stock had a trading volume of 1,643,842 shares, compared to its average volume of 1,005,899. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24. The business has a 50-day moving average price of $282.30 and a 200 day moving average price of $268.92. 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 stock has a market cap of $37.88 billion, a price-to-earnings ratio of 20.27, a PEG ratio of 1.73 and a beta of 1.02.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were issued a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Thursday, May 23rd. Cummins’s payout ratio is currently 49.19%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CMI shares. The Goldman Sachs Group lifted their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. TD Cowen lifted their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Citigroup assumed coverage on Cummins in a research report on Wednesday. They issued a “buy” rating and a $320.00 price objective on the stock. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and raised their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, Raymond James assumed coverage on Cummins in a research note on Friday. They issued a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $287.55.

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.