Fairscale Capital LLC Makes New $215,000 Investment in Cummins Inc. (NYSE:CMI)

Fairscale Capital LLC acquired a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 717 shares of the company’s stock, valued at approximately $215,000.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after acquiring an additional 35 shares during the last quarter. Fidelis Capital Partners LLC boosted its stake in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares during the last quarter. Greenleaf Trust boosted its stake in shares of Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after acquiring an additional 40 shares during the last quarter. Bangor Savings Bank boosted its stake in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after acquiring an additional 40 shares during the last quarter. Finally, Aptus Capital Advisors LLC boosted its stake in shares of Cummins by 2.6% during the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock worth $453,000 after acquiring an additional 41 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of several analyst reports. Barclays lifted their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Truist Financial lifted their target price on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Raymond James initiated coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup initiated coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Robert W. Baird lifted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Performance

Cummins stock opened at $308.24 on Friday. The company’s 50-day moving average price is $297.72 and its 200-day moving average price is $288.34. Cummins Inc. has a twelve month low of $212.80 and a twelve month 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 has a market cap of $42.16 billion, a PE ratio of 22.57, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the firm posted $5.18 EPS. The business’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.36%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated 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 approximately $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated 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 disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

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.