Benjamin F. Edwards & Company Inc. Purchases 707 Shares of Cummins Inc. (NYSE:CMI)

Benjamin F. Edwards & Company Inc. increased its position in shares of Cummins Inc. (NYSE:CMI) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,999 shares of the company’s stock after acquiring an additional 707 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Cummins were worth $8,031,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CMI. Cultivar Capital Inc. acquired a new position in shares of Cummins during the second quarter worth $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the 2nd quarter valued at about $28,000. Lynx Investment Advisory purchased a new stake in Cummins in the second quarter valued at about $29,000. LRI Investments LLC acquired a new stake in Cummins in the first quarter worth about $31,000. Finally, JNBA Financial Advisors grew its stake in shares of Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction 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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’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 disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CMI. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report 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 report on Monday, August 5th. Robert W. Baird boosted their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. Finally, Truist Financial lifted their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Two equities 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. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $299.55.

Cummins Price Performance

Shares of CMI opened at $308.27 on Friday. The business’s 50-day moving average is $297.72 and its two-hundred day moving average is $288.23. The company has a market capitalization of $42.17 billion, a P/E ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. 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 (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period last year, the company earned $5.18 earnings per share. Cummins’s revenue for the quarter was up 2.3% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were paid a $1.82 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s payout ratio is currently 53.29%.

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.