Ashton Thomas Securities LLC Purchases New Position in Cummins Inc. (NYSE:CMI)

Ashton Thomas Securities LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 170 shares of the company’s stock, valued at approximately $55,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC grew its position in Cummins by 18.7% during the 3rd quarter. Los Angeles Capital Management LLC now owns 40,482 shares of the company’s stock worth $13,108,000 after acquiring an additional 6,371 shares during the last quarter. Colonial River Investments LLC boosted its stake in shares of Cummins by 87.5% during the third quarter. Colonial River Investments LLC now owns 1,847 shares of the company’s stock valued at $598,000 after purchasing an additional 862 shares in the last quarter. Axxcess Wealth Management LLC grew its holdings in shares of Cummins by 152.2% during the third quarter. Axxcess Wealth Management LLC now owns 2,484 shares of the company’s stock worth $804,000 after purchasing an additional 1,499 shares during the last quarter. Covestor Ltd increased its stake in shares of Cummins by 112.6% in the third quarter. Covestor Ltd now owns 423 shares of the company’s stock valued at $137,000 after buying an additional 224 shares during the period. Finally, Essex Savings Bank raised its holdings in Cummins by 32.2% in the 3rd quarter. Essex Savings Bank now owns 3,287 shares of the company’s stock valued at $1,064,000 after buying an additional 800 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction 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 approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at $7,456,419.29. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,413 shares of company stock valued at $8,249,879 over the last ninety days. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CMI shares. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. increased their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. 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. Finally, The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $334.33.

Cummins Stock Up 3.2 %

Shares of NYSE CMI opened at $366.34 on Thursday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market cap of $50.25 billion, a PE ratio of 24.21, a P/E/G ratio of 1.75 and a beta of 0.97. The company’s fifty day simple moving average is $324.91 and its 200 day simple moving average is $300.14. Cummins Inc. has a 12-month low of $220.02 and a 12-month high of $370.21.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the prior year, the firm earned $4.73 EPS. The business’s revenue was up .3% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins Inc. will post 20.44 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.99%. Cummins’s dividend payout ratio is 48.08%.

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.