Moors & Cabot Inc. Increases Holdings in Cummins Inc. (NYSE:CMI)

Moors & Cabot Inc. raised its stake in shares of Cummins Inc. (NYSE:CMI) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,010 shares of the company’s stock after buying an additional 53 shares during the period. Moors & Cabot Inc.’s holdings in Cummins were worth $1,110,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the 2nd quarter valued at $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC bought a new stake in shares of Cummins during the 1st quarter valued at $31,000. Finally, JNBA Financial Advisors grew its position in shares of Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after acquiring an additional 100 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Stock Down 0.4 %

Shares of CMI stock opened at $300.53 on Thursday. The stock has a market cap of $41.11 billion, a P/E ratio of 22.00, a PEG ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company’s fifty day simple moving average is $296.67 and its two-hundred day simple moving average is $287.82.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.18 EPS. Analysts predict that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.42%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Raymond James assumed coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup assumed coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Evercore ISI boosted their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Robert W. Baird upped their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays upped their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $299.55.

About Cummins

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.