Cummins Inc. (NYSE:CMI) Shares Acquired by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 125.4% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 408 shares of the company’s stock after purchasing an additional 227 shares during the period. Exchange Traded Concepts LLC’s holdings in Cummins were worth $132,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Cultivar Capital Inc. bought a new stake in Cummins during the second quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins during the 2nd quarter valued at about $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the second quarter worth about $29,000. LRI Investments LLC bought a new position in Cummins in the first quarter worth about $31,000. Finally, Bangor Savings Bank boosted its stake in Cummins by 39.2% in the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after acquiring an additional 40 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Evercore ISI increased their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Robert W. Baird boosted their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, Citigroup lifted their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $311.55.

Cummins Stock Performance

Shares of NYSE CMI opened at $330.76 on Wednesday. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $340.82. The firm has a market cap of $45.24 billion, a P/E ratio of 24.21, a PEG ratio of 1.92 and a beta of 0.98. The stock has a fifty day moving average price of $314.29 and a two-hundred day moving average price of $295.33. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.18 earnings per share. Research analysts forecast that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. Cummins’s dividend payout ratio is currently 53.29%.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’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 completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.