First Trust Direct Indexing L.P. Has $1.32 Million Position in Cummins Inc. (NYSE:CMI)

First Trust Direct Indexing L.P. increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.6% during the first quarter, Holdings Channel reports. The fund owned 4,474 shares of the company’s stock after acquiring an additional 464 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Cummins were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in CMI. Alps Advisors Inc. increased its holdings in shares of Cummins by 4.2% during the 3rd quarter. Alps Advisors Inc. now owns 7,647 shares of the company’s stock worth $1,747,000 after acquiring an additional 306 shares during the last quarter. Seven Eight Capital LP acquired a new position in Cummins in the 3rd quarter valued at $534,000. Scotia Capital Inc. grew its holdings in Cummins by 112.0% in the 3rd quarter. Scotia Capital Inc. now owns 17,074 shares of the company’s stock valued at $3,901,000 after buying an additional 9,020 shares in the last quarter. Royal London Asset Management Ltd. grew its holdings in Cummins by 4.8% in the 3rd quarter. Royal London Asset Management Ltd. now owns 54,049 shares of the company’s stock valued at $12,347,000 after buying an additional 2,460 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in Cummins by 2.3% in the 3rd quarter. Royal Bank of Canada now owns 829,439 shares of the company’s stock valued at $189,494,000 after buying an additional 18,474 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated 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 transaction, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated 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 transaction, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction on Friday, May 24th. The stock was purchased at an average price of $285.11 per share, with a total value 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 approximately $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI stock traded up $4.53 on Thursday, hitting $272.08. 504,655 shares of the company’s stock were exchanged, compared to its average volume of 1,010,093. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24. The stock has a market cap of $37.22 billion, a P/E ratio of 19.92, a price-to-earnings-growth ratio of 1.66 and a beta of 0.99. The company has a 50 day moving average of $281.03 and a 200 day moving average of $269.50.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. On average, equities research analysts predict that Cummins Inc. will post 18.86 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors 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 dividend yield of 2.47%. Cummins’s dividend payout ratio is currently 49.19%.

Analyst Upgrades and Downgrades

A number of research analysts have commented 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 report on Monday, March 25th. Truist Financial decreased their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the company from $254.00 to $321.00 in a report on Friday, March 15th. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird reduced their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Two research 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.com, the stock presently has a consensus rating of “Hold” and an average price target of $287.18.

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.