Townsquare Capital LLC Buys 223 Shares of Cummins Inc. (NYSE:CMI)

Townsquare Capital LLC grew its stake in shares of Cummins Inc. (NYSE:CMI) by 7.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,287 shares of the company’s stock after purchasing an additional 223 shares during the quarter. Townsquare Capital LLC’s holdings in Cummins were worth $1,064,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins in the 2nd quarter worth $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins in the second quarter worth about $28,000. Lynx Investment Advisory purchased a new position in Cummins during the 2nd quarter valued at about $29,000. Prospera Private Wealth LLC bought a new position in Cummins during the 3rd quarter valued at approximately $32,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins in the 3rd quarter worth approximately $34,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 over the last quarter. Company insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $377.87 on Tuesday. The company has a 50 day moving average of $342.77 and a 200 day moving average of $307.44. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a twelve month low of $224.60 and a twelve month high of $379.66. The firm has a market cap of $51.84 billion, a P/E ratio of 24.92, a PEG ratio of 1.82 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the business earned $4.73 earnings per share. The company’s revenue was up .3% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.93%. Cummins’s payout ratio is 48.08%.

Analyst Ratings Changes

CMI has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Finally, Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $337.67.

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.