Cummins Inc. $CMI Holdings Boosted by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI raised its stake in shares of Cummins Inc. (NYSE:CMI) by 0.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,990 shares of the company’s stock after buying an additional 33 shares during the period. Parsons Capital Management Inc. RI’s holdings in Cummins were worth $5,237,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the 1st quarter valued at $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins in the 1st quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter valued at $37,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the 1st quarter valued at $39,000. Finally, Costello Asset Management INC acquired a new stake in shares of Cummins in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of several analyst reports. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Finally, Barclays boosted their target price on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $393.57.

Insider Activity at Cummins

In related news, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president owned 955 shares of the company’s stock, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,119 shares of company stock worth $14,159,885. Insiders own 0.41% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $424.85 on Thursday. The firm’s 50-day moving average is $398.13 and its 200-day moving average is $344.32. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $432.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market cap of $58.54 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 2.04 and a beta of 1.04.

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

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is presently 37.61%.

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.