Concurrent Investment Advisors LLC Purchases 680 Shares of Cummins Inc. (NYSE:CMI)

Concurrent Investment Advisors LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 5.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,521 shares of the company’s stock after purchasing an additional 680 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Cummins were worth $3,925,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. HM Payson & Co. raised its holdings in Cummins by 1.0% during the 1st quarter. HM Payson & Co. now owns 62,876 shares of the company’s stock worth $19,708,000 after purchasing an additional 646 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Cummins by 3.7% during the 1st quarter. Bank of New York Mellon Corp now owns 1,018,465 shares of the company’s stock worth $319,228,000 after purchasing an additional 36,699 shares during the last quarter. World Investment Advisors raised its holdings in Cummins by 157.6% during the 1st quarter. World Investment Advisors now owns 2,280 shares of the company’s stock worth $715,000 after purchasing an additional 1,395 shares during the last quarter. Wayfinding Financial LLC bought a new stake in Cummins during the 1st quarter worth about $127,000. Finally, Olde Wealth Management LLC bought a new stake in shares of Cummins in the 1st quarter valued at about $30,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research note on Monday, May 19th. Citigroup reaffirmed a “buy” rating and issued a $360.00 price target (up from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Robert W. Baird lowered their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $358.08.

Insider Transactions at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the purchase, the director owned 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $331.83 on Friday. The business has a 50 day simple moving average of $319.53 and a 200 day simple moving average of $331.54. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34. The stock has a market cap of $45.71 billion, a price-to-earnings ratio of 16.51, a PEG ratio of 2.00 and a beta of 1.03.

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

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. Cummins’s payout ratio is 36.22%.

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.