CWA Asset Management Group LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 15,757 shares of the company's stock, valued at approximately $5,102,000.
Several other hedge funds also recently bought and sold shares of the stock. Envestnet Portfolio Solutions Inc. lifted its holdings in Cummins by 22.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 5,723 shares of the company's stock valued at $1,686,000 after purchasing an additional 1,061 shares in the last quarter. Empowered Funds LLC raised its holdings in Cummins by 35.9% in the 1st quarter. Empowered Funds LLC now owns 16,869 shares of the company's stock valued at $4,970,000 after acquiring an additional 4,454 shares during the last quarter. Forsta AP Fonden lifted its stake in shares of Cummins by 64.2% during the 1st quarter. Forsta AP Fonden now owns 47,440 shares of the company's stock worth $13,978,000 after purchasing an additional 18,540 shares during the period. Tectonic Advisors LLC boosted its holdings in shares of Cummins by 14.1% during the first quarter. Tectonic Advisors LLC now owns 3,075 shares of the company's stock worth $906,000 after purchasing an additional 381 shares during the last quarter. Finally, KCM Investment Advisors LLC grew its holdings in Cummins by 11.4% in the 1st quarter. KCM Investment Advisors LLC now owns 2,327 shares of the company's stock valued at $686,000 after buying an additional 238 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.
Cummins Stock Performance
CMI traded up $1.74 during trading hours on Friday, hitting $356.46. 735,636 shares of the stock were exchanged, compared to its average volume of 637,231. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.82. Cummins Inc. has a 12 month low of $214.57 and a 12 month high of $370.21. The stock has a 50-day simple moving average of $322.99 and a 200-day simple moving average of $299.12. The stock has a market cap of $48.90 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 2.01 and a beta of 0.97.
Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business's revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $4.73 earnings per share. Analysts anticipate that Cummins Inc. will post 20.17 earnings per share for the current year.
Cummins Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors 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 2.04%. The ex-dividend date is Friday, November 22nd. Cummins's dividend payout ratio (DPR) is 48.08%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the company an "in-line" rating in a report on Monday, August 19th. Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an "equal weight" rating in a research report on Monday, August 5th. Robert W. Baird boosted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $324.83.
Check Out Our Latest Analysis on Cummins
Insider Buying and Selling at Cummins
In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated 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 directly owns 77,442 shares of the company's stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This 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 company insiders.
Cummins Profile
(
Free Report)
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.
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