Benjamin Edwards Inc. Has $1.21 Million Stock Position in Cummins Inc. (NYSE:CMI)

Benjamin Edwards Inc. decreased its stake in Cummins Inc. (NYSE:CMI) by 8.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,379 shares of the company’s stock after selling 422 shares during the quarter. Benjamin Edwards Inc.’s holdings in Cummins were worth $1,213,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Coldstream Capital Management Inc. lifted its stake in Cummins by 17.1% in the 4th quarter. Coldstream Capital Management Inc. now owns 2,526 shares of the company’s stock worth $605,000 after acquiring an additional 368 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Cummins during the 4th quarter worth about $459,000. Assetmark Inc. raised its stake in shares of Cummins by 6.4% during the 4th quarter. Assetmark Inc. now owns 16,965 shares of the company’s stock worth $4,064,000 after purchasing an additional 1,020 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Cummins by 41.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 344 shares of the company’s stock valued at $82,000 after acquiring an additional 100 shares in the last quarter. Finally, Union Savings Bank raised its stake in shares of Cummins by 12.6% in the 4th quarter. Union Savings Bank now owns 668 shares of the company’s stock valued at $160,000 after acquiring an additional 75 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

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

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Evercore ISI raised their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Truist Financial raised their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Robert W. Baird raised their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Finally, Raymond James started coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Price Performance

Cummins stock opened at $309.22 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a market capitalization of $42.30 billion, a PE ratio of 22.64, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The business has a 50 day simple moving average of $297.25 and a 200 day simple moving average of $287.97.

Cummins (NYSE:CMI) last posted its 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. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter last year, the company earned $5.18 EPS. Cummins’s revenue was up 2.3% on a year-over-year basis. On average, sell-side analysts forecast 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 dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.35%. Cummins’s dividend payout ratio is 53.29%.

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.