Williamson Legacy Group LLC Acquires Shares of 1,395 Cummins Inc. $CMI

Williamson Legacy Group LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,395 shares of the company’s stock, valued at approximately $712,000.

Several other institutional investors have also added to or reduced their stakes in the company. TrustBank acquired a new position in Cummins during the fourth quarter valued at approximately $375,000. Flputnam Investment Management Co. raised its position in Cummins by 1.8% during the fourth quarter. Flputnam Investment Management Co. now owns 8,702 shares of the company’s stock valued at $4,442,000 after purchasing an additional 153 shares in the last quarter. Integrity Alliance LLC. raised its position in Cummins by 54.0% during the fourth quarter. Integrity Alliance LLC. now owns 3,972 shares of the company’s stock valued at $2,028,000 after purchasing an additional 1,393 shares in the last quarter. AlphaQuest LLC raised its position in Cummins by 99.6% during the fourth quarter. AlphaQuest LLC now owns 2,890 shares of the company’s stock valued at $1,475,000 after purchasing an additional 1,442 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its position in Cummins by 12.1% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 278 shares of the company’s stock valued at $142,000 after purchasing an additional 30 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 $668.64 on Wednesday. The firm’s fifty day moving average price is $616.71 and its two-hundred day moving average price is $566.52. The stock has a market cap of $92.27 billion, a PE ratio of 34.70, a PEG ratio of 1.58 and a beta of 1.27. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the firm posted $5.96 earnings per share. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 28.93 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s payout ratio is currently 41.52%.

Insider Buying and Selling

In related news, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the sale, the executive vice president owned 11,679 shares of the company’s stock, valued at $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. This represents a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 17,633 shares of company stock valued at $11,653,357 over the last quarter. 0.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on CMI shares. Barclays boosted their price objective on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday. Morgan Stanley boosted their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Truist Financial set a $815.00 target price on shares of Cummins in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average price target of $700.50.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.