620 Shares in Cummins Inc. (NYSE:CMI) Bought by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 620 shares of the company’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors also recently modified their holdings of CMI. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins during the second quarter worth approximately $28,000. Prospera Private Wealth LLC bought a new position in Cummins in the 3rd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in Cummins in the 3rd quarter worth approximately $34,000. Finally, Gradient Investments LLC increased its position in Cummins by 290.0% in the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company’s stock valued at $43,000 after acquiring an additional 116 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last 90 days. 0.56% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on CMI shares. Citigroup increased their price target on Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research note on Monday. Truist Financial increased their target price 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. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Hold” and an average target price of $352.85.

Cummins Stock Performance

CMI opened at $370.66 on Friday. 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 $50.85 billion, a PE ratio of 24.48, a P/E/G ratio of 1.84 and a beta of 0.99. The business has a fifty day simple moving average of $351.60 and a 200-day simple moving average of $312.44. Cummins Inc. has a fifty-two week low of $226.52 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the company posted $4.73 EPS. As a group, equities analysts predict that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.96%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 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.