Graypoint LLC Purchases 187 Shares of Cummins Inc. (NYSE:CMI)

Graypoint LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 11.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,838 shares of the company’s stock after acquiring an additional 187 shares during the quarter. Graypoint LLC’s holdings in Cummins were worth $595,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CMI. Price T Rowe Associates Inc. MD lifted its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares during the period. Pathway Financial Advisers LLC raised its stake in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after buying an additional 26,977 shares during the period. Legal & General Group Plc boosted its stake in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after acquiring an additional 31,190 shares during the last quarter. Finally, Marshfield Associates grew its holdings in Cummins by 0.3% during the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after acquiring an additional 3,076 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 0.5 %

Shares of NYSE:CMI opened at $356.50 on Friday. The firm has a market cap of $48.86 billion, a price-to-earnings ratio of 25.70, a PEG ratio of 1.86 and a beta of 0.97. Cummins Inc. has a 12 month low of $214.57 and a 12 month high of $370.21. The company’s fifty day simple moving average is $322.99 and its 200 day simple moving average is $299.12. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $4.73 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 19.96 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 52.49%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the 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 completion of the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CMI. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Citigroup raised 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. upped 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. Robert W. Baird lifted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $324.83.

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.