Baystate Wealth Management LLC Buys 96 Shares of Cummins Inc. (NYSE:CMI)

Baystate Wealth Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 63.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 247 shares of the company’s stock after acquiring an additional 96 shares during the period. Baystate Wealth Management LLC’s holdings in Cummins were worth $59,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Balentine LLC grew its stake in Cummins by 3.3% during the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after buying an additional 127 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new position in Cummins in the third quarter valued at approximately $9,048,000. SG Americas Securities LLC raised its position in Cummins by 227.6% during the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock valued at $5,817,000 after purchasing an additional 16,869 shares in the last quarter. Eldred Rock Partners LLC bought a new stake in Cummins during the fourth quarter worth $7,195,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Cummins by 4.5% in the 4th quarter. Assenagon Asset Management S.A. now owns 223,307 shares of the company’s stock valued at $53,498,000 after purchasing an additional 9,564 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent analyst reports. Evercore ISI upped their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Truist Financial initiated coverage on shares of Cummins in a research report on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price on the stock. TD Cowen upped their price target on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Finally, JPMorgan Chase & Co. raised their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $276.10.

Cummins Price Performance

Shares of CMI opened at $298.63 on Friday. The business has a 50-day moving average of $275.89 and a 200-day moving average of $246.28. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The company has a market capitalization of $40.84 billion, a price-to-earnings ratio of 57.65, a price-to-earnings-growth ratio of 2.03 and a beta of 1.04. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the company posted $4.52 EPS. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 18.29 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.25%. Cummins’s payout ratio is currently 129.73%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Daniel William Fisher acquired 562 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 51,289 shares of company stock valued at $13,576,838. Corporate insiders own 1.12% of the company’s stock.

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.