NewEdge Advisors LLC Buys 14,528 Shares of Cummins Inc. $CMI

NewEdge Advisors LLC raised its stake in shares of Cummins Inc. (NYSE:CMI) by 47.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,903 shares of the company’s stock after buying an additional 14,528 shares during the period. NewEdge Advisors LLC’s holdings in Cummins were worth $14,074,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the period. Cary Street Partners Financial LLC bought a new position in shares of Cummins in the fourth quarter worth about $322,000. Centiva Capital LP increased its stake in shares of Cummins by 43.2% in the fourth quarter. Centiva Capital LP now owns 908 shares of the company’s stock worth $317,000 after purchasing an additional 274 shares during the period. Clark Capital Management Group Inc. bought a new position in shares of Cummins in the fourth quarter worth about $262,000. Finally, Fiduciary Trust Co increased its stake in shares of Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after purchasing an additional 28 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CMI. Citigroup lifted their price objective on Cummins from $380.00 to $425.00 and gave the stock a “buy” rating in a research note on Wednesday, August 6th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Truist Financial lifted their price objective on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Robert W. Baird boosted their price target on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Finally, Barclays boosted their price target on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Nine 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’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $389.29.

Insider Buying and Selling

In other news, CFO Mark Andrew Smith sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $12,790,710. This represents a 17.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Robert Enright sold 1,860 shares of the business’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 transaction, the vice president directly owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,039 shares of company stock worth $10,385,075. Insiders own 0.41% of the company’s stock.

Cummins Trading Down 0.2%

CMI stock opened at $400.13 on Friday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $408.38. The firm has a market cap of $55.13 billion, a P/E ratio of 18.81, a P/E/G ratio of 1.93 and a beta of 1.02. The business’s 50 day moving average is $370.88 and its 200-day moving average is $336.01. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period in the prior year, the company posted $5.26 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 22.54 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 4th. Stockholders of record on Friday, August 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio is currently 37.61%.

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.