1,613 Shares in Cummins Inc. $CMI Acquired by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 1,613 shares of the company’s stock, valued at approximately $1,150,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valmark Advisers Inc. boosted its holdings in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after buying an additional 16 shares in the last quarter. Guardian Partners Inc. lifted its position in Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after acquiring an additional 16 shares during the last quarter. Nicolet Advisory Services LLC lifted its position in Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after acquiring an additional 17 shares during the last quarter. Uhlmann Price Securities LLC boosted its stake in Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after acquiring an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC grew its holdings in shares of Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after purchasing an additional 18 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the 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 sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Citigroup raised their price target on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Argus lifted their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Truist Financial set a $894.00 price objective on Cummins in a research note on Wednesday, August 5th. Finally, Barclays increased their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Stock Performance

NYSE CMI opened at $564.61 on Monday. The firm has a market cap of $77.72 billion, a P/E ratio of 28.85, a P/E/G ratio of 1.35 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The business’s 50-day moving average price is $647.45 and its 200 day moving average price is $628.09. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the prior year, the company earned $6.43 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.