Welch & Forbes LLC Has $14.35 Million Stake in Cummins Inc. (NYSE:CMI)

Welch & Forbes LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,788 shares of the company’s stock after selling 142 shares during the quarter. Welch & Forbes LLC’s holdings in Cummins were worth $14,352,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. raised its position in Cummins by 208.0% in the 4th 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 last quarter. TCTC Holdings LLC bought a new position in shares of Cummins during the fourth quarter valued at about $28,000. Capital A Wealth Management LLC purchased a new position in Cummins during the fourth quarter worth about $32,000. Olde Wealth Management LLC bought a new stake in Cummins in the 1st quarter worth about $30,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Cummins during the 1st quarter worth approximately $37,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.5%

Shares of CMI stock opened at $341.96 on Wednesday. The business has a 50-day moving average price of $325.06 and a two-hundred day moving average price of $330.76. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The firm has a market cap of $47.11 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 2.05 and a beta of 1.03.

Cummins (NYSE:CMI) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $5.08 earnings per share. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be paid a $2.00 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.34%. Cummins’s payout ratio is currently 36.22%.

Insider Transactions at Cummins

In related news, Director John H. Stone purchased 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the transaction, the director directly owned 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Robert W. Baird raised their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Citigroup reissued a “buy” rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Morgan Stanley upped their price target on 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 decreased their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $361.42.

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.