Flagship Harbor Advisors LLC Buys 69 Shares of Cummins Inc. (NYSE:CMI)

Flagship Harbor Advisors LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 11.0% in the 1st quarter, Holdings Channel reports. The firm owned 694 shares of the company’s stock after acquiring an additional 69 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Cummins were worth $217,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. raised its stake in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares during the last quarter. TCTC Holdings LLC bought a new stake in Cummins during the fourth quarter valued at $28,000. SBI Securities Co. Ltd. acquired a new stake in Cummins during the 4th quarter worth about $30,000. Capital A Wealth Management LLC acquired a new position in shares of Cummins in the 4th quarter valued at about $32,000. Finally, Providence First Trust Co acquired a new position in shares of Cummins in the 4th quarter valued at about $35,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

In other news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. Truist Financial decreased their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Morgan Stanley increased their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Robert W. Baird reduced their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus target price of $358.08.

Cummins Stock Performance

CMI opened at $324.85 on Friday. The company has a market cap of $44.75 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 1.92 and a beta of 1.04. The company’s fifty day moving average price is $314.05 and its two-hundred day moving average price is $333.29. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40.

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

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Cummins 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.