Crewe Advisors LLC Takes Position in Cummins Inc. (NYSE:CMI)

Crewe Advisors LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 570 shares of the company’s stock, valued at approximately $168,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CMI. Price T Rowe Associates Inc. MD grew its position in shares of Cummins by 3.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after buying an additional 246,025 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Cummins by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after buying an additional 106,017 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after buying an additional 96,387 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in Cummins by 3.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock worth $342,817,000 after purchasing an additional 43,090 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC grew its position in Cummins by 4.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after purchasing an additional 64,365 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the topic of several research reports. Robert W. Baird lowered their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Raymond James started coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial lowered their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. The Goldman Sachs Group lifted their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $287.18.

Insiders Place Their Bets

In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of the business’s stock in a transaction on Friday, May 24th. The stock was bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Marvin Boakye purchased 1,745 shares of the stock in a transaction dated Monday, May 20th. The shares were purchased at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of NYSE CMI traded up $1.60 during midday trading on Thursday, hitting $283.17. The company had a trading volume of 580,869 shares, compared to its average volume of 1,929,353. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The business has a 50-day simple moving average of $279.15 and a two-hundred day simple moving average of $274.10. The firm has a market capitalization of $38.73 billion, a price-to-earnings ratio of 20.73, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Equities research analysts anticipate that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.57%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is presently 49.19%.

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.