Portside Wealth Group LLC Invests $395,000 in Cummins Inc. (NYSE:CMI)

Portside Wealth Group LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 1,259 shares of the company’s stock, valued at approximately $395,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares during the period. Geode Capital Management LLC grew its stake in Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after acquiring an additional 84,112 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after acquiring an additional 66,887 shares during the period. Northern Trust Corp lifted its stake in Cummins by 15.1% in the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after purchasing an additional 246,807 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cummins by 6.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock worth $566,856,000 after purchasing an additional 99,009 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $323.06 on Thursday. The stock’s 50-day moving average is $303.88 and its 200 day moving average is $339.06. The stock has a market cap of $44.50 billion, a price-to-earnings ratio of 11.47, a P/E/G ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

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 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 business’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the firm posted $5.08 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Analyst Ratings Changes

A number of research analysts have recently commented on CMI shares. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Citigroup boosted their price objective on Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Finally, 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 report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus target price of $357.25.

Insider Transactions at Cummins

In related news, Director John H. Stone acquired 1,000 shares of Cummins stock in a transaction on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the transaction, the director now owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company 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.