Hobbs Group Advisors LLC Has $673,000 Stake in Cummins Inc. (NYSE:CMI)

Hobbs Group Advisors LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3,822.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,079 shares of the company's stock after purchasing an additional 2,026 shares during the quarter. Hobbs Group Advisors LLC's holdings in Cummins were worth $673,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. PFG Investments LLC raised its stake in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company's stock valued at $725,000 after purchasing an additional 485 shares in the last quarter. CWM LLC grew its stake in shares of Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company's stock valued at $3,908,000 after purchasing an additional 1,786 shares during the period. Distillate Capital Partners LLC raised its holdings in shares of Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company's stock worth $16,361,000 after buying an additional 59,027 shares in the last quarter. Alpha DNA Investment Management LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $748,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in Cummins in the 2nd quarter valued at $856,000. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Truist Financial raised their price objective on shares of Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. The Goldman Sachs Group upped their price objective on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and raised their price target for the company from $355.00 to $420.00 in a report on Monday. Finally, Robert W. Baird increased 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $352.85.

Cummins Trading Down 2.0 %

NYSE CMI traded down $7.57 on Wednesday, hitting $370.15. 1,316,214 shares of the stock were exchanged, compared to its average volume of 1,419,348. The stock has a fifty day moving average price of $350.70 and a two-hundred day moving average price of $312.03. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a market capitalization of $50.78 billion, a P/E ratio of 24.45, a P/E/G ratio of 1.84 and a beta of 0.99. Cummins Inc. has a 52-week low of $226.52 and a 52-week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the business posted $4.73 EPS. Cummins's revenue was up .3% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.97%. Cummins's dividend payout ratio (DPR) is 48.08%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 6,489 shares of company stock worth $2,357,531 over the last 90 days. Corporate insiders own 0.56% of the company's stock.

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.