Cummins Inc. $CMI Stock Position Increased by GAMMA Investing LLC

GAMMA Investing LLC grew its position in Cummins Inc. (NYSE:CMI) by 5.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,008 shares of the company’s stock after purchasing an additional 207 shares during the period. GAMMA Investing LLC’s holdings in Cummins were worth $1,313,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CMI. Capital A Wealth Management LLC bought a new stake in Cummins during the 4th quarter valued at $32,000. Olde Wealth Management LLC bought a new position in shares of Cummins in the first quarter worth $30,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins during the first quarter valued at $31,000. Opal Wealth Advisors LLC bought a new stake in shares of Cummins during the first quarter valued at about $37,000. Finally, Richardson Financial Services Inc. bought a new stake in shares of Cummins during the first quarter valued at about $39,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Wells Fargo & Company raised Cummins to an “overweight” rating in a report on Monday, August 11th. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Truist Financial lifted their price target on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $389.29.

Cummins Stock Up 0.4%

NYSE:CMI opened at $425.33 on Tuesday. The business’s fifty day moving average price is $388.30 and its 200 day moving average price is $339.96. The firm has a market capitalization of $58.61 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 2.05 and a beta of 1.02. 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 Inc. has a 1-year low of $260.02 and a 1-year high of $428.96.

Cummins (NYSE:CMI) last released its earnings results 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. The company had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.26 EPS. On average, sell-side analysts forecast 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. Shareholders 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 yield of 1.9%. This is a boost from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Insider Buying and Selling

In other Cummins news, CFO Mark Andrew Smith sold 1,580 shares of Cummins stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $419.00, for a total transaction of $662,020.00. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,232,858. This trade represents a 4.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction 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. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,119 shares of company stock worth $14,159,885. Insiders own 0.41% of the company’s stock.

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.