Cummins Inc. (NYSE:CMI) is Pathway Financial Advisers LLC's 4th Largest Position

Pathway Financial Advisers LLC boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 31,489.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,531,869 shares of the company's stock after purchasing an additional 2,523,854 shares during the quarter. Cummins comprises 8.1% of Pathway Financial Advisers LLC's investment portfolio, making the stock its 4th biggest position. Pathway Financial Advisers LLC owned 1.85% of Cummins worth $819,794,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the 2nd quarter worth $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the second quarter worth about $28,000. Lynx Investment Advisory bought a new position in shares of Cummins in the second quarter worth about $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins during the 3rd quarter valued at approximately $34,000. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. Evercore ISI raised their price objective on Cummins from $290.00 to $294.00 and gave the company an "in-line" rating in a report on Monday, August 19th. Citigroup upped their target price on Cummins from $345.00 to $375.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research note on Friday, October 11th. Finally, Robert W. Baird upped their price objective on Cummins from $295.00 to $315.00 and gave the company a "neutral" rating in a research note on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $311.55.

Cummins Trading Up 0.5 %

CMI traded up $1.63 during trading on Wednesday, reaching $332.77. 118,594 shares of the stock traded hands, compared to its average volume of 1,522,348. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock's 50-day moving average is $317.53 and its 200 day moving average is $296.39. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $340.82. The stock has a market capitalization of $45.52 billion, a PE ratio of 24.25, a P/E/G ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to analysts' expectations of $8.33 billion. During the same quarter last year, the firm posted $5.18 earnings per share. The firm's revenue was up 2.3% on a year-over-year basis. Equities analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.19%. Cummins's payout ratio is presently 53.29%.

Insiders Place Their Bets

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction dated 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 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the business's stock in a transaction on 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 sale, the vice president now owns 20,873 shares of the company's stock, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate 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.