Occidental Asset Management LLC Has $3.59 Million Holdings in Cummins Inc. (NYSE:CMI)

Occidental Asset Management LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 7.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,171 shares of the company’s stock after purchasing an additional 889 shares during the quarter. Occidental Asset Management LLC’s holdings in Cummins were worth $3,586,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CMI. Vanguard Group Inc. grew its stake in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Norges Bank acquired a new position in shares of Cummins during the 4th quarter worth about $298,867,000. International Assets Investment Management LLC lifted its stake in Cummins by 21,025.8% in the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after purchasing an additional 731,697 shares during the last quarter. iA Global Asset Management Inc. bought a new position in Cummins during the third quarter worth about $71,268,000. Finally, Price T Rowe Associates Inc. MD increased its position in Cummins by 3.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock worth $1,759,326,000 after buying an additional 246,025 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on CMI shares. JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Raymond James initiated coverage on shares of Cummins in a research report on Friday. They set a “market perform” rating for the company. Truist Financial reiterated a “hold” rating and issued a $319.00 price objective on shares of Cummins in a report on Wednesday, May 15th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Finally, UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $287.55.

Insider Buying and Selling

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

Cummins Stock Down 1.3 %

CMI stock traded down $3.56 during trading on Friday, reaching $276.93. The stock had a trading volume of 1,643,842 shares, compared to its average volume of 1,005,899. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $37.88 billion, a price-to-earnings ratio of 20.28, a P/E/G ratio of 1.75 and a beta of 1.02. Cummins Inc. has a one year low of $212.80 and a one year high of $304.24. The company’s 50 day moving average is $282.30 and its two-hundred day moving average is $268.68.

Cummins (NYSE:CMI) last posted its quarterly 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). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Equities research analysts forecast that Cummins Inc. will post 18.84 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were given a dividend of $1.68 per share. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.43%. Cummins’s payout ratio is presently 49.19%.

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.