NovaPoint Capital LLC Buys 484 Shares of Cummins Inc. (NYSE:CMI)

NovaPoint Capital LLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 4.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 11,826 shares of the company’s stock after purchasing an additional 484 shares during the period. NovaPoint Capital LLC’s holdings in Cummins were worth $3,829,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Blue Trust Inc. increased its stake in shares of Cummins by 22.1% during the 3rd quarter. Blue Trust Inc. now owns 1,530 shares of the company’s stock worth $495,000 after purchasing an additional 277 shares during the last quarter. Precedent Wealth Partners LLC grew its holdings in Cummins by 10.1% during the third quarter. Precedent Wealth Partners LLC now owns 4,539 shares of the company’s stock worth $1,470,000 after purchasing an additional 415 shares during the period. Aaron Wealth Advisors LLC increased its position in Cummins by 27.9% during the third quarter. Aaron Wealth Advisors LLC now owns 1,054 shares of the company’s stock worth $341,000 after buying an additional 230 shares during the last quarter. Claro Advisors LLC bought a new stake in Cummins in the third quarter valued at approximately $522,000. Finally, V Square Quantitative Management LLC lifted its position in shares of Cummins by 16.6% in the third quarter. V Square Quantitative Management LLC now owns 3,300 shares of the company’s stock valued at $1,069,000 after buying an additional 469 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CMI. Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Raymond James assumed coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup increased their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Finally, Robert W. Baird upped their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $311.55.

Cummins Stock Performance

NYSE:CMI opened at $335.41 on Friday. The stock’s 50-day simple moving average is $312.64 and its 200 day simple moving average is $294.85. The firm has a market capitalization of $45.88 billion, a PE ratio of 24.55, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $340.82.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm posted $5.18 earnings per share. On average, analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.17%. Cummins’s dividend payout ratio is presently 53.29%.

Cummins Company 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.