Cummins Inc. (NYSE:CMI) Shares Bought by Smithbridge Asset Management Inc. DE

Smithbridge Asset Management Inc. DE grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 67.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,651 shares of the company's stock after acquiring an additional 1,872 shares during the period. Smithbridge Asset Management Inc. DE's holdings in Cummins were worth $1,506,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Cultivar Capital Inc. bought a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory purchased a new stake in shares of Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC bought a new position in Cummins during the first quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in shares of Cummins during the 3rd quarter valued at approximately $34,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Up 1.6 %

Cummins stock traded up $5.38 during trading hours on Monday, hitting $334.55. The company had a trading volume of 588,642 shares, compared to its average volume of 1,534,795. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The firm has a market cap of $45.76 billion, a P/E ratio of 24.49, a P/E/G ratio of 1.92 and a beta of 0.98. The company has a 50-day moving average price of $316.92 and a two-hundred day moving average price of $296.16. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $340.82.

Cummins (NYSE:CMI - Get Free Report) last announced 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 in the previous year, the company earned $5.18 earnings per share. The business's quarterly revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins's payout ratio is presently 53.29%.

Analyst Upgrades and Downgrades

CMI has been the subject of several analyst reports. 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. Robert W. Baird upped their price objective 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. Barclays increased 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. Evercore ISI boosted their target price on Cummins from $290.00 to $294.00 and gave the stock an "in-line" rating in a research report on Monday, August 19th. Finally, Citigroup boosted their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $311.55.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the company's stock in a transaction 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 sale, the senior vice president now owns 77,442 shares of the company's stock, valued at approximately $23,870,722.08. This 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, 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 transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.56% of the company's stock.

Cummins Company 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.