Cummins Inc. (NYSE:CMI) Shares Purchased by Allworth Financial LP

Allworth Financial LP boosted its position in Cummins Inc. (NYSE:CMI) by 11.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,756 shares of the company’s stock after acquiring an additional 282 shares during the quarter. Allworth Financial LP’s holdings in Cummins were worth $892,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Bank of Stockton raised its holdings in Cummins by 2.0% in the third quarter. Bank of Stockton now owns 6,672 shares of the company’s stock valued at $2,160,000 after acquiring an additional 134 shares in the last quarter. Massachusetts Wealth Management increased its stake in Cummins by 2.0% in the third quarter. Massachusetts Wealth Management now owns 4,782 shares of the company’s stock valued at $1,548,000 after purchasing an additional 95 shares during the last quarter. Hudock Inc. purchased a new position in Cummins in the third quarter valued at approximately $221,000. Ballentine Partners LLC increased its stake in Cummins by 19.6% in the third quarter. Ballentine Partners LLC now owns 2,379 shares of the company’s stock valued at $770,000 after purchasing an additional 390 shares during the last quarter. Finally, Busey Bank increased its stake in Cummins by 0.3% in the third quarter. Busey Bank now owns 73,045 shares of the company’s stock valued at $23,651,000 after purchasing an additional 186 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Barclays increased their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Truist Financial increased their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Evercore ISI raised their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $311.55.

Cummins Stock Performance

NYSE:CMI opened at $334.55 on Tuesday. The firm’s fifty day moving average price is $316.92 and its 200 day moving average price is $296.16. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm has a market cap of $45.76 billion, a price-to-earnings ratio of 24.49, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. 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 firm posted $5.18 EPS. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s 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 sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

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.