PFG Advisors Acquires 79 Shares of Cummins Inc. (NYSE:CMI)

PFG Advisors raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,507 shares of the company’s stock after buying an additional 79 shares during the period. PFG Advisors’ holdings in Cummins were worth $1,525,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Wealth Management Group LLC purchased a new stake in Cummins during the 4th quarter valued at about $26,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the second quarter worth $29,000. Finally, LRI Investments LLC bought a new stake in Cummins during the 1st quarter valued at $31,000. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on CMI shares. Truist Financial raised their price target on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Citigroup began coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Robert W. Baird boosted their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Evercore ISI raised their price target on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Two equities 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, the company presently has an average rating of “Hold” and an average target price of $299.55.

Insider Transactions at Cummins

In related news, 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 transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 1.4 %

Shares of Cummins stock opened at $297.42 on Friday. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83. 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 company has a 50-day moving average of $294.15 and a 200 day moving average of $286.79. The firm has a market cap of $40.68 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period last year, the business earned $5.18 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.45%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s payout ratio is 53.29%.

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.