1,350 Shares in Cummins Inc. $CMI Acquired by Camelot Portfolios LLC

Camelot Portfolios LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,350 shares of the company’s stock, valued at approximately $442,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Olde Wealth Management LLC purchased a new position in Cummins during the first quarter valued at $30,000. Accredited Wealth Management LLC bought a new stake in shares of Cummins in the 1st quarter worth about $31,000. Opal Wealth Advisors LLC bought a new stake in shares of Cummins in the 1st quarter worth about $37,000. Richardson Financial Services Inc. bought a new stake in Cummins during the 1st quarter valued at about $39,000. Finally, Costello Asset Management INC bought a new stake in Cummins during the 1st quarter valued at about $40,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Mark Andrew Smith sold 1,580 shares of the business’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $419.00, for a total value of $662,020.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $13,232,858. The trade was a 4.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock valued at $14,159,885 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CMI. Truist Financial raised their target price on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Melius 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 note on Wednesday, September 3rd. Citigroup lifted their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, 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 note on Wednesday, September 3rd. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $393.57.

Cummins Trading Up 1.1%

NYSE CMI opened at $418.59 on Friday. The stock has a market capitalization of $57.68 billion, a P/E ratio of 19.68, a PEG ratio of 2.02 and a beta of 1.02. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $432.50. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm’s 50-day moving average is $394.06 and its two-hundred day moving average is $342.33.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.26 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s dividend payout ratio is 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.