Cummins Inc. $CMI Shares Acquired by Curran Financial Partners LLC

Curran Financial Partners LLC increased its position in Cummins Inc. (NYSE:CMI) by 17.1% in the second quarter, Holdings Channel reports. The firm owned 1,156 shares of the company’s stock after purchasing an additional 169 shares during the quarter. Curran Financial Partners LLC’s holdings in Cummins were worth $379,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Olde Wealth Management LLC acquired a new position in Cummins in the first quarter worth about $30,000. Accredited Wealth Management LLC acquired a new position in Cummins in the first quarter worth about $31,000. Opal Wealth Advisors LLC acquired a new position in Cummins in the first quarter worth about $37,000. Richardson Financial Services Inc. bought a new position in shares of Cummins during the first quarter valued at approximately $39,000. Finally, Costello Asset Management INC bought a new position in shares of Cummins during the first quarter valued at approximately $40,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CMI. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Truist Financial upped their target price on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Robert W. Baird upped their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Finally, Barclays upped their target price on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $393.57.

Cummins Stock Performance

Shares of NYSE CMI opened at $432.87 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a 50 day simple moving average of $400.74 and a 200-day simple moving average of $345.82. The company has a market cap of $59.65 billion, a PE ratio of 20.35, a P/E/G ratio of 2.09 and a beta of 1.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $437.66.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s payout ratio is currently 37.61%.

Insider Transactions at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’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 value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 over the last three months. 0.41% of the stock is owned by company insiders.

Cummins Profile

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.