NewSquare Capital LLC Acquires 1,109 Shares of Cummins Inc. (NYSE:CMI)

NewSquare Capital LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 3.6% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 31,975 shares of the company’s stock after acquiring an additional 1,109 shares during the quarter. NewSquare Capital LLC’s holdings in Cummins were worth $7,595,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC acquired a new stake in Cummins in the 4th quarter worth about $250,000. Parkside Financial Bank & Trust raised its stake in Cummins by 9.6% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,648 shares of the company’s stock worth $395,000 after purchasing an additional 145 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in Cummins by 0.8% in the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 9,525 shares of the company’s stock worth $2,279,000 after purchasing an additional 75 shares in the last quarter. Foster & Motley Inc. raised its stake in Cummins by 2.3% in the 4th quarter. Foster & Motley Inc. now owns 28,878 shares of the company’s stock worth $6,918,000 after purchasing an additional 656 shares in the last quarter. Finally, RWA Wealth Partners LLC acquired a new stake in Cummins in the 4th quarter worth about $578,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock traded up $2.31 during trading on Tuesday, reaching $292.71. 782,614 shares of the company were exchanged, compared to its average volume of 2,765,917. The company has a 50-day moving average of $280.93 and a two-hundred day moving average of $249.14. The company has a market capitalization of $40.03 billion, a price-to-earnings ratio of 56.28, a P/E/G ratio of 1.96 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74.

Cummins (NYSE:CMI) last posted 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 return on equity of 25.68% and a net margin of 2.16%. The business had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. During the same period in the previous year, the firm earned $4.52 earnings per share. The company’s revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 18.31 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced 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. This represents a $6.72 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 in the last ninety days. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $254.00 to $321.00 in a research report on Friday, March 15th. The Goldman Sachs Group boosted their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. 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 for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $279.70.

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.