Archford Capital Strategies LLC Buys 34 Shares of Cummins Inc. $CMI

Archford Capital Strategies LLC raised its position in Cummins Inc. (NYSE:CMI) by 4.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 867 shares of the company’s stock after acquiring an additional 34 shares during the quarter. Archford Capital Strategies LLC’s holdings in Cummins were worth $284,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC grew its position in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Cummins by 34.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 23,397 shares of the company’s stock valued at $8,156,000 after purchasing an additional 6,042 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in Cummins by 34.0% in the first quarter. Fifth Third Wealth Advisors LLC now owns 5,017 shares of the company’s stock valued at $1,573,000 after acquiring an additional 1,273 shares during the last quarter. Rhumbline Advisers increased its position in Cummins by 3.9% during the 1st quarter. Rhumbline Advisers now owns 283,522 shares of the company’s stock worth $88,867,000 after purchasing an additional 10,560 shares in the last quarter. Finally, Czech National Bank boosted its holdings in shares of Cummins by 6.2% during the 1st quarter. Czech National Bank now owns 31,577 shares of the company’s stock valued at $9,897,000 after acquiring an additional 1,833 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 0.4%

Shares of Cummins stock opened at $419.61 on Tuesday. The stock has a market capitalization of $57.82 billion, a P/E ratio of 19.73, a P/E/G ratio of 2.02 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $432.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The stock’s 50-day simple moving average is $395.56 and its 200 day simple moving average is $343.21.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 previous year, the company posted $5.26 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently declared 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 of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. This is a boost from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio is presently 37.61%.

Wall Street Analyst Weigh In

CMI has been the subject of several recent research reports. Citigroup upped their price target on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Truist Financial increased their price target on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Finally, Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $393.57.

Insider Transactions at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction on 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 transaction, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction dated 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 owned 955 shares of the company’s stock, 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. Over the last ninety days, insiders have sold 35,119 shares of company stock worth $14,159,885. Company 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.