Rydar Equities Inc. Invests $634,000 in Cummins Inc. $CMI

Rydar Equities Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,937 shares of the company’s stock, valued at approximately $634,000.

Several other institutional investors have also recently bought and sold shares of CMI. Osterweis Capital Management Inc. bought a new stake in Cummins during the second quarter valued at about $31,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins during the 1st quarter worth about $31,000. Wealth Preservation Advisors LLC acquired a new position in shares of Cummins during the 1st quarter worth about $41,000. CNB Bank bought a new stake in Cummins during the 2nd quarter valued at approximately $43,000. Finally, Flaharty Asset Management LLC acquired a new stake in Cummins in the 1st quarter valued at approximately $47,000. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Barclays upped their price target on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 11th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Wells Fargo & Company assumed coverage on shares of Cummins in a research report on Thursday, November 13th. They set an “overweight” rating and a $599.00 price objective for the company. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. Finally, Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Eleven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $482.87.

Cummins Stock Performance

NYSE:CMI opened at $510.11 on Monday. The firm has a market capitalization of $70.42 billion, a PE ratio of 26.47, a price-to-earnings-growth ratio of 2.01 and a beta of 1.10. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $526.50. The firm has a 50-day moving average price of $459.47 and a 200 day moving average price of $400.93.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same period in the previous year, the business earned $5.86 earnings per share. The company’s quarterly revenue was down 1.6% on a year-over-year basis. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, November 21st. Cummins’s dividend payout ratio is 41.52%.

Insider Buying and Selling at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 31,581 shares of company stock valued at $14,420,249. 0.41% of the stock is currently owned by company insiders.

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.