Everhart Financial Group Inc. Increases Stake in Cummins Inc. $CMI

Everhart Financial Group Inc. lifted its position in Cummins Inc. (NYSE:CMI) by 1,051.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 5,252 shares of the company’s stock after purchasing an additional 4,796 shares during the period. Everhart Financial Group Inc.’s holdings in Cummins were worth $2,713,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Cummins during the 2nd quarter worth approximately $8,204,241,000. Bank of America Corp DE bought a new position in Cummins in the 2nd quarter valued at $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins in the 2nd quarter valued at $973,198,000. Legal & General Group Plc purchased a new position in shares of Cummins during the 2nd quarter valued at $666,635,000. Finally, SG Americas Securities LLC increased its holdings in shares of Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 0.0%

Shares of CMI traded up $0.02 during mid-day trading on Thursday, reaching $517.34. The company’s stock had a trading volume of 555,583 shares, compared to its average volume of 983,177. The stock has a market cap of $71.22 billion, a PE ratio of 26.38, a P/E/G ratio of 1.41 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. The company’s fifty day moving average price is $572.00 and its two-hundred day moving average price is $621.07.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $6.43 EPS. On average, analysts predict that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Friday, August 21st. Cummins’s payout ratio is 44.97%.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of Cummins 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 transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Citigroup increased their price objective on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Truist Financial reduced their target price on Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research report on Monday. JPMorgan Chase & Co. decreased their target price on Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 23rd. Wells Fargo & Company lowered their price target on Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Bank of America cut their price objective on Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $717.59.

Cummins Profile

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.