Cutler Investment Counsel LLC Makes New Investment in Cummins Inc. (NYSE:CMI)

Cutler Investment Counsel LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, Holdings Channel reports. The firm purchased 1,558 shares of the company’s stock, valued at approximately $373,000.

A number of other hedge funds also recently bought and sold shares of the business. Knights of Columbus Asset Advisors LLC boosted its position in Cummins by 1.3% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 21,257 shares of the company’s stock worth $5,093,000 after purchasing an additional 274 shares in the last quarter. Cannon Global Investment Management LLC purchased a new position in shares of Cummins in the fourth quarter valued at approximately $359,000. Fidelis Capital Partners LLC lifted its position in shares of Cummins by 5.1% in the fourth quarter. Fidelis Capital Partners LLC now owns 1,119 shares of the company’s stock valued at $268,000 after acquiring an additional 54 shares in the last quarter. Xponance Inc. lifted its position in shares of Cummins by 1.1% in the fourth quarter. Xponance Inc. now owns 18,982 shares of the company’s stock valued at $4,548,000 after acquiring an additional 202 shares in the last quarter. Finally, AIA Group Ltd purchased a new position in shares of Cummins in the fourth quarter valued at approximately $926,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Truist Financial assumed coverage on Cummins in a research report on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price on the stock. 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. JPMorgan Chase & Co. lifted their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, TD Cowen lifted their price objective on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $279.70.

Insider Activity

In related news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Daniel William Fisher acquired 562 shares of the stock in a transaction dated Tuesday, February 27th. The shares were acquired at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is currently owned by corporate insiders.

Cummins Trading Down 1.6 %

CMI stock traded down $4.72 during midday trading on Friday, hitting $286.70. 712,831 shares of the company’s stock were exchanged, compared to its average volume of 2,790,152. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The business has a 50-day simple moving average of $279.54 and a two-hundred day simple moving average of $247.93. The stock has a market capitalization of $39.21 billion, a PE ratio of 56.07, a P/E/G ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the firm posted $4.52 earnings per share. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 18.24 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.34%. Cummins’s payout ratio is presently 129.73%.

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.