Citizens Financial Group Inc. RI Acquires 837 Shares of Cummins Inc. $CMI

Citizens Financial Group Inc. RI raised its stake in shares of Cummins Inc. (NYSE:CMI) by 2.8% in the 1st quarter, HoldingsChannel reports. The firm owned 30,938 shares of the company’s stock after purchasing an additional 837 shares during the period. Citizens Financial Group Inc. RI’s holdings in Cummins were worth $16,646,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Thompson Investment Management Inc. bought a new position in Cummins in the fourth quarter valued at $26,000. Activest Wealth Management raised its holdings in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC lifted its position in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new stake in Cummins in the fourth quarter worth approximately $27,000. Finally, Key Financial Inc grew its position in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. UBS Group reissued a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Truist Financial raised their price objective on Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Finally, Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $738.00.

Cummins Trading Up 0.5%

NYSE:CMI traded up $3.54 during midday trading on Friday, reaching $676.93. 572,903 shares of the stock traded hands, compared to its average volume of 1,073,951. The stock has a market capitalization of $93.41 billion, a P/E ratio of 35.13, a PEG ratio of 1.65 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The company has a fifty day moving average of $679.54 and a 200 day moving average of $609.34. Cummins Inc. has a 12 month low of $334.70 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.96 earnings per share. On average, research analysts predict that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s payout ratio is currently 41.52%.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last three months. 0.30% of the stock is owned by corporate insiders.

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.