PFG Investments LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

PFG Investments LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 27.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,238 shares of the company’s stock after buying an additional 485 shares during the period. PFG Investments LLC’s holdings in Cummins were worth $725,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the 2nd quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new stake in shares of Cummins in the second quarter worth $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC purchased a new position in shares of Cummins during the 1st quarter valued at $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins in the 3rd quarter worth $34,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 1.6 %

Shares of CMI stock opened at $334.55 on Tuesday. The company has a market cap of $45.76 billion, a PE ratio of 24.49, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $340.82. The stock’s 50 day simple moving average is $316.92 and its two-hundred day simple moving average is $296.16. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

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

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid 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 2.18%. Cummins’s dividend payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CMI shares. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Truist Financial boosted their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Citigroup raised their target price on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI increased their price objective 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $311.55.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction 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 owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins 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 completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s 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 completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. 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.