Magnolia Capital Advisors LLC Purchases 290 Shares of Cummins Inc. $CMI

Magnolia Capital Advisors LLC raised its position in Cummins Inc. (NYSE:CMI) by 8.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 3,896 shares of the company’s stock after buying an additional 290 shares during the quarter. Magnolia Capital Advisors LLC’s holdings in Cummins were worth $1,276,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Motley Fool Asset Management LLC lifted its position in shares of Cummins by 9.7% during the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after buying an additional 623 shares during the last quarter. Applied Finance Capital Management LLC raised its position in Cummins by 14.4% in the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after purchasing an additional 7,656 shares during the last quarter. Fox Run Management L.L.C. bought a new position in Cummins in the first quarter valued at about $2,749,000. Alpha Cubed Investments LLC bought a new position in Cummins in the first quarter valued at about $440,000. Finally, Invesco Ltd. raised its position in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after acquiring an additional 126,362 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CMI shares. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. raised their price objective on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Finally, Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $410.50.

Insiders Place Their Bets

In related news, CFO Mark Andrew Smith sold 200 shares of Cummins stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $449.10, for a total transaction of $89,820.00. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,183,476.20. This trade represents a 0.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 43,319 shares of company stock valued at $17,764,105. 0.41% of the stock is owned by insiders.

Cummins Stock Down 0.0%

CMI stock opened at $437.48 on Tuesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $449.21. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The stock’s 50 day moving average is $416.73 and its 200-day moving average is $364.94. The firm has a market capitalization of $60.28 billion, a PE ratio of 20.57, a P/E/G ratio of 2.05 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the company earned $5.26 earnings per share. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 37.61%.

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.