Thoroughbred Financial Services LLC Makes New Investment in Cummins Inc. (NYSE:CMI)

Thoroughbred Financial Services LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, Holdings Channel reports. The firm acquired 1,160 shares of the company’s stock, valued at approximately $321,000.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. Atlantic Edge Private Wealth Management LLC increased its stake in Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after acquiring an additional 35 shares during the period. Albert D Mason Inc. increased its position in shares of Cummins by 0.4% during the first quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock valued at $2,728,000 after purchasing an additional 37 shares during the period. Greenleaf Trust raised its stake in shares of Cummins by 0.5% in the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after purchasing an additional 40 shares in the last quarter. Bangor Savings Bank raised its stake in shares of Cummins by 39.2% in the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after purchasing an additional 40 shares in the last quarter. Finally, Aptus Capital Advisors LLC raised its stake in shares of Cummins by 2.6% in the second quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock valued at $453,000 after purchasing an additional 41 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $301.59 on Wednesday. The firm has a market cap of $41.25 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 1.70 and a beta of 0.98. The company has a 50 day moving average of $296.14 and a 200-day moving average of $287.73. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83.

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

Cummins Increases Dividend

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

Insider Activity at Cummins

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

Analyst Ratings Changes

CMI has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Citigroup initiated coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Truist Financial raised their price target on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Raymond James initiated coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $299.55.

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.