Cummins Inc. $CMI Stock Bought by Hudock Inc.

Hudock Inc. boosted its position in shares of Cummins Inc. (NYSE:CMI) by 182.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,470 shares of the company’s stock after purchasing an additional 1,597 shares during the quarter. Hudock Inc.’s holdings in Cummins were worth $1,276,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Cummins during the 2nd quarter worth $8,204,241,000. Bank of America Corp DE purchased a new position in shares of Cummins during the second quarter valued at $1,408,353,000. Bank of New York Mellon Corp bought a new stake in shares of Cummins in the second quarter valued at about $973,198,000. Legal & General Group Plc bought a new stake in shares of Cummins in the second quarter valued at about $666,635,000. Finally, Amundi raised its holdings in shares of Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after acquiring an additional 147,093 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on CMI shares. Citigroup lowered their price objective on shares of Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a research note on Monday. UBS Group cut their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. DA Davidson raised their target price on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Truist Financial reduced their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, Evercore reduced their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $708.18.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.30% of the stock is currently owned by insiders.

Cummins Stock Down 0.7%

Cummins stock opened at $525.39 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The firm has a market cap of $72.33 billion, a P/E ratio of 26.85, a P/E/G ratio of 1.39 and a beta of 1.24. The business has a fifty day moving average of $560.36 and a two-hundred day moving average of $620.42. Cummins Inc. has a twelve month low of $405.82 and a twelve month high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.43 earnings per share. On average, analysts forecast that Cummins Inc. will post 30.10 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is 44.97%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.