Easterly Investment Partners LLC Purchases New Position in Cummins Inc. $CMI

Easterly Investment Partners LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 3,329 shares of the company’s stock, valued at approximately $1,090,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Olde Wealth Management LLC bought a new stake in Cummins during the 1st quarter worth approximately $30,000. Accredited Wealth Management LLC bought a new stake in Cummins during the 1st quarter worth approximately $31,000. Richardson Financial Services Inc. bought a new stake in Cummins during the 1st quarter worth approximately $39,000. Costello Asset Management INC bought a new stake in Cummins during the 1st quarter worth approximately $40,000. Finally, Wealth Preservation Advisors LLC bought a new stake in Cummins during the 1st quarter worth approximately $41,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 2.6%

Shares of NYSE CMI opened at $411.84 on Friday. The company has a market capitalization of $56.75 billion, a P/E ratio of 19.36, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. 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’s 50 day moving average price is $411.10 and its 200-day moving average price is $352.75.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s payout ratio is presently 37.61%.

Insider Activity at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. The trade was a 20.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock worth $17,674,285 over the last ninety days. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. 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 report on Monday, July 21st. Robert W. Baird boosted their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report 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 report on Tuesday, September 23rd. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Finally, Truist Financial boosted their target price on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $407.43.

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.