MBB Public Markets I LLC Takes $304,000 Position in Cummins Inc. $CMI

MBB Public Markets I LLC purchased a new position in Cummins Inc. (NYSE:CMI) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 971 shares of the company’s stock, valued at approximately $304,000.

Several other institutional investors have also added to or reduced their stakes in CMI. Olde Wealth Management LLC acquired a new stake in Cummins in the first quarter worth about $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins in the first quarter worth about $31,000. Capital A Wealth Management LLC acquired a new stake in Cummins in the fourth quarter worth about $32,000. Opal Wealth Advisors LLC acquired a new stake in Cummins in the first quarter worth about $37,000. Finally, Richardson Financial Services Inc. acquired a new stake in Cummins in the first quarter worth about $39,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 2.6%

Shares of NYSE:CMI opened at $404.89 on Thursday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $408.38. The company has a market capitalization of $55.79 billion, a PE ratio of 19.04, a PEG ratio of 1.91 and a beta of 1.02. The business has a 50 day moving average of $375.00 and a two-hundred day moving average of $336.77. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.26 earnings per share. As a group, analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Insiders Place Their Bets

In other news, CFO Mark Andrew Smith sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,039 shares of company stock valued at $10,385,075. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CMI shares. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price target for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Truist Financial boosted their price target on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Finally, Citigroup boosted their price target on Cummins from $380.00 to $425.00 and gave the company a “buy” rating in a report on Wednesday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $389.29.

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.