Prairie Advisory LLC Buys 1,245 Shares of Cummins Inc. $CMI

Prairie Advisory LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 97.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,524 shares of the company’s stock after acquiring an additional 1,245 shares during the period. Prairie Advisory LLC’s holdings in Cummins were worth $1,303,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Wellington Management Group LLP boosted its holdings in Cummins by 243.5% in the second quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock valued at $353,072,000 after acquiring an additional 350,910 shares during the last quarter. Fulcrum Wealth Advisors LLC grew its position in Cummins by 611.8% during the third quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company’s stock valued at $8,401,000 after acquiring an additional 13,979 shares during the period. MassMutual Private Wealth & Trust FSB grew 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 acquiring an additional 4,538 shares during the period. Bank of America Corp DE acquired a new stake in Cummins during the second quarter worth about $1,408,353,000. Finally, Legacy Private Trust Co. increased its stake in Cummins by 1,264.1% during the third quarter. Legacy Private Trust Co. now owns 12,222 shares of the company’s stock worth $6,314,000 after acquiring an additional 11,326 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CMI. CICC Research initiated coverage on Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price objective on the stock. UBS Group reduced their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Evercore decreased their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, DA Davidson raised their price target on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $708.18.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Cummins Stock Down 1.2%

Cummins stock traded down $6.30 during trading on Monday, reaching $525.03. 629,310 shares of the company’s stock were exchanged, compared to its average volume of 990,327. The company’s 50-day moving average is $555.86 and its two-hundred day moving average is $620.62. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 52-week low of $407.57 and a 52-week high of $737.76. The firm has a market cap of $72.28 billion, a price-to-earnings ratio of 26.81, a PEG ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (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 during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the company posted $6.43 earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 29.98 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 3rd. Stockholders of record on Friday, November 20th will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio is presently 44.97%.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.