HBK Sorce Advisory LLC Buys 167 Shares of Cummins Inc. $CMI

HBK Sorce Advisory LLC increased its stake in Cummins Inc. (NYSE:CMI) by 4.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,687 shares of the company’s stock after purchasing an additional 167 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Cummins were worth $1,207,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Raymond James Financial Inc. increased its stake in shares of Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Cummins by 70.9% in the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after purchasing an additional 424,294 shares in the last quarter. Nuveen LLC purchased a new position in shares of Cummins in the first quarter worth about $109,120,000. Vanguard Group Inc. increased its stake in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock worth $234,907,000 after purchasing an additional 319,277 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.7%

CMI opened at $438.26 on Friday. The company has a fifty day moving average price of $415.17 and a 200-day moving average price of $361.69. The firm has a market capitalization of $60.39 billion, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a one year low of $260.02 and a one year high of $449.21.

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

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is currently 37.61%.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,873,972.60. The trade was a 20.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the subject of several recent research reports. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Finally, Barclays lifted their target price on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research note on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $410.50.

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.