Wahed Invest LLC Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Wahed Invest LLC increased its stake in Cummins Inc. (NYSE:CMI) by 8.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,416 shares of the company’s stock after purchasing an additional 187 shares during the quarter. Wahed Invest LLC’s holdings in Cummins were worth $579,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. First United Bank & Trust purchased a new stake in Cummins in the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC purchased a new stake in shares of Cummins in the fourth quarter worth $26,000. Silver Oak Securities Incorporated bought a new stake in shares of Cummins during the 3rd quarter valued at $28,000. DiNuzzo Private Wealth Inc. bought a new stake in shares of Cummins during the 4th quarter valued at $31,000. Finally, Quarry LP lifted its stake in shares of Cummins by 258.5% during the 4th quarter. Quarry LP now owns 147 shares of the company’s stock valued at $35,000 after buying an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.3 %

Shares of NYSE CMI opened at $269.91 on Tuesday. The business’s 50 day moving average price is $285.45 and its 200-day moving average price is $266.16. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two 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 has a market cap of $36.92 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 1.66 and a beta of 1.02.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. On average, sell-side analysts expect that Cummins Inc. will post 18.84 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.49%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio is presently 49.19%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Robert W. Baird decreased their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Truist Financial reiterated a “hold” rating and set a $319.00 target price on shares of Cummins in a research report on Wednesday, May 15th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, TD Cowen lifted their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $284.36.

Insider Activity at Cummins

In other news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cummins news, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

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.