LPL Financial LLC Buys 9,241 Shares of Cummins Inc. (NYSE:CMI)

LPL Financial LLC raised its stake in shares of Cummins Inc. (NYSE:CMI) by 3.2% in the 2nd quarter, Holdings Channel reports. The firm owned 298,706 shares of the company’s stock after purchasing an additional 9,241 shares during the quarter. LPL Financial LLC’s holdings in Cummins were worth $82,721,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Private Wealth Management Group LLC bought a new position in Cummins during the 4th quarter worth $26,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins in the 2nd quarter worth about $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the 2nd quarter worth about $28,000. Lynx Investment Advisory bought a new position in shares of Cummins in the 2nd quarter worth about $29,000. Finally, LRI Investments LLC bought a new position in shares of Cummins in the 1st quarter worth about $31,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI stock opened at $302.13 on Friday. The company has a market capitalization of $41.41 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83. The business has a 50-day simple moving average of $294.86 and a two-hundred day simple moving average of $287.04.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.18 EPS. Research analysts expect that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. The ex-dividend date was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.41%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 53.29%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. lifted their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Truist Financial lifted their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Robert W. Baird raised their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Evercore ISI raised their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $299.55.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Company insiders own 0.56% 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.