Princeton Global Asset Management LLC Acquires 171 Shares of Cummins Inc. (NYSE:CMI)

Princeton Global Asset Management LLC grew its holdings in Cummins Inc. (NYSE:CMIFree Report) by 17.1% during the 4th quarter, Holdings Channel reports. The firm owned 1,171 shares of the company’s stock after purchasing an additional 171 shares during the period. Princeton Global Asset Management LLC’s holdings in Cummins were worth $281,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CMI. OFI Invest Asset Management acquired a new position in Cummins during the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated bought a new position in Cummins in the third quarter valued at approximately $28,000. Global Wealth Strategies & Associates bought a new position in Cummins in the third quarter valued at approximately $29,000. Tyler Stone Wealth Management bought a new position in Cummins in the second quarter valued at approximately $30,000. Finally, Quarry LP bought a new position in Cummins in the first quarter valued at approximately $32,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Monday, March 4th. Truist Financial assumed coverage on shares of Cummins in a research report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective on the stock. Morgan Stanley assumed coverage on shares of Cummins in a research report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective on the stock. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, Citigroup boosted their price objective on shares of Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $271.64.

Check Out Our Latest Report on CMI

Cummins Stock Performance

Shares of NYSE:CMI traded up $0.71 on Tuesday, hitting $295.24. The company had a trading volume of 404,364 shares, compared to its average volume of 3,173,195. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $297.11. The stock has a market cap of $41.88 billion, a price-to-earnings ratio of 56.86, a P/E/G ratio of 2.00 and a beta of 1.04. The stock has a 50 day moving average price of $264.08 and a 200 day moving average price of $241.77. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same quarter in the prior year, the firm earned $4.52 earnings per share. Cummins’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts expect that Cummins Inc. will post 18.36 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.28%. Cummins’s dividend payout ratio is currently 129.73%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock worth $13,576,838 over the last ninety days. Insiders own 1.05% of the company’s stock.

Cummins Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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