Cummins Inc. $CMI Shares Acquired by Symphony Financial Ltd. Co.

Symphony Financial Ltd. Co. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 9,052.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 190,456 shares of the company’s stock after purchasing an additional 188,375 shares during the period. Symphony Financial Ltd. Co.’s holdings in Cummins were worth $62,409,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Accredited Wealth Management LLC purchased a new stake in Cummins during the 1st quarter worth approximately $31,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the first quarter worth approximately $39,000. Costello Asset Management INC purchased a new stake in shares of Cummins during the first quarter worth approximately $40,000. Wealth Preservation Advisors LLC purchased a new stake in shares of Cummins during the first quarter worth approximately $41,000. Finally, CNB Bank acquired a new position in Cummins in the 2nd quarter valued at $43,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of Cummins stock opened at $461.54 on Monday. The firm has a market cap of $63.71 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $484.84. The business’s fifty day simple moving average is $428.42 and its 200-day simple moving average is $376.10.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $5.86 EPS. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is 41.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Barclays upped their price objective on shares of Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 11th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research report on Wednesday, September 3rd. Ten investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $445.93.

Insider Transactions at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 38,127 shares of company stock valued at $16,993,030. Corporate insiders own 0.41% of the company’s stock.

Cummins 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.