Pallas Capital Advisors LLC Makes New $292,000 Investment in Cummins Inc. (NYSE:CMI)

Pallas Capital Advisors LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 878 shares of the company’s stock, valued at approximately $292,000.

Other large investors have also modified their holdings of the company. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins in the second quarter valued at about $28,000. Lynx Investment Advisory acquired a new position in Cummins in the second quarter worth about $29,000. LRI Investments LLC bought a new position in Cummins during the first quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Cummins during the third quarter valued at approximately $34,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of Cummins stock opened at $329.12 on Friday. The firm has a 50 day simple moving average of $318.55 and a 200 day simple moving average of $296.87. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $340.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm has a market cap of $45.11 billion, a P/E ratio of 23.73, a P/E/G ratio of 1.92 and a beta of 0.98.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.21%. Cummins’s dividend payout ratio is currently 52.49%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. 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 research note on Monday, August 19th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Truist Financial boosted their price target 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. Finally, Citigroup upped their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Two equities 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 stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $311.55.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, 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 Securities & Exchange Commission, which is available through this link. In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was 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 $6,269,205.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were 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 owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This 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.

About Cummins

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.