Versant Capital Management Inc Purchases 1,519 Shares of Cummins Inc. (NYSE:CMI)

Versant Capital Management Inc lifted its position in Cummins Inc. (NYSE:CMI) by 319.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,995 shares of the company’s stock after acquiring an additional 1,519 shares during the quarter. Versant Capital Management Inc’s holdings in Cummins were worth $625,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in CMI. BankPlus Trust Department purchased a new position in Cummins during the 4th quarter valued at about $26,000. Compass Financial Services Inc bought a new position in shares of Cummins during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. increased its holdings in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 52 shares during the period. TCTC Holdings LLC bought a new position in Cummins in the fourth quarter worth approximately $28,000. Finally, SBI Securities Co. Ltd. bought a new position in Cummins in the fourth quarter worth approximately $30,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Wall Street Zen downgraded Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and cut their target price for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Morgan Stanley increased their price target on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Finally, Truist Financial lowered their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. One investment 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, Cummins currently has a consensus rating of “Hold” and a consensus price target of $357.25.

Cummins Trading Up 0.5%

Cummins stock opened at $324.65 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market cap of $44.72 billion, a PE ratio of 11.52, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The stock has a 50-day moving average of $304.10 and a two-hundred day moving average of $340.18. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. The firm 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 company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.08 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. Cummins’s payout ratio is 36.22%.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of the company’s stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares of the company’s stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Cummins Company Profile

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.