1,191 Cummins Inc. $CMI Shares Bought by Castle Rock Wealth Management LLC

Castle Rock Wealth Management LLC grew its position in Cummins Inc. (NYSE:CMI) by 199.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,789 shares of the company’s stock after acquiring an additional 1,191 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Cummins were worth $924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Wellington Management Group LLP increased its position in Cummins by 243.5% in the second quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock worth $353,072,000 after purchasing an additional 350,910 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in Cummins by 45.2% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock valued at $6,981,000 after purchasing an additional 4,538 shares during the last quarter. Raiffeisen Bank International AG lifted its position in Cummins by 55.1% during the second quarter. Raiffeisen Bank International AG now owns 46,817 shares of the company’s stock valued at $32,355,000 after purchasing an additional 16,623 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of Cummins in the 2nd quarter worth $1,408,353,000. Finally, Nykredit A S purchased a new position in shares of Cummins in the 2nd quarter worth $47,394,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMI. DA Davidson upped their target price on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Evercore dropped their price target on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. CICC Research started coverage on Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective on the stock. UBS Group decreased their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Finally, Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $717.59.

Cummins Trading Up 0.6%

Shares of CMI stock traded up $3.07 during trading hours on Friday, reaching $523.47. 905,675 shares of the stock were exchanged, compared to its average volume of 985,543. Cummins Inc. has a 12-month low of $400.72 and a 12-month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $569.74 and its 200-day moving average price is $620.98. The firm has a market capitalization of $72.06 billion, a price-to-earnings ratio of 26.75, a price-to-earnings-growth ratio of 1.36 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same period last year, the company earned $6.43 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 30.13 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were issued a $2.20 dividend. The ex-dividend date was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.