Shell Asset Management Co. Takes Position in Cummins Inc. (NYSE:CMI)

Shell Asset Management Co. purchased a new stake in Cummins Inc. (NYSE:CMI) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,378 shares of the company’s stock, valued at approximately $406,000.

Other institutional investors also recently modified their holdings of the company. First United Bank & Trust bought a new position in shares of Cummins in the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC bought a new position in Cummins during the fourth quarter worth $26,000. JNBA Financial Advisors increased its position in Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after acquiring an additional 100 shares during the period. DiNuzzo Private Wealth Inc. bought a new position in Cummins during the fourth quarter worth $31,000. Finally, Godsey & Gibb Inc. bought a new position in Cummins during the first quarter worth $38,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on CMI shares. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group boosted their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. TD Cowen boosted their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Truist Financial dropped their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research report on Tuesday, July 2nd. Finally, Robert W. Baird lowered their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Two research 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. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $287.18.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Marvin Boakye purchased 1,745 shares of Cummins stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the transaction, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Up 2.5 %

Shares of NYSE:CMI opened at $290.38 on Friday. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company’s fifty day moving average is $279.25 and its 200-day moving average is $274.44. The company has a market capitalization of $39.72 billion, a PE ratio of 21.26, a P/E/G ratio of 1.79 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its earnings results 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 firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Equities research analysts predict that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.51%. Cummins’s dividend payout ratio is 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.