McGuire Investment Group LLC Buys 945 Shares of Cummins Inc. $CMI

McGuire Investment Group LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 5.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,109 shares of the company’s stock after buying an additional 945 shares during the quarter. McGuire Investment Group LLC’s holdings in Cummins were worth $6,258,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new stake in Cummins during the 1st quarter valued at approximately $30,000. Accredited Wealth Management LLC bought a new stake in Cummins during the 1st quarter valued at approximately $31,000. Opal Wealth Advisors LLC bought a new stake in Cummins during the 1st quarter valued at approximately $37,000. Richardson Financial Services Inc. bought a new stake in Cummins during the 1st quarter valued at approximately $39,000. Finally, Costello Asset Management INC bought a new stake in Cummins during the 1st quarter valued at approximately $40,000. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Shares of Cummins stock opened at $424.85 on Thursday. The stock has a market cap of $58.54 billion, a price-to-earnings ratio of 19.97, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The stock has a 50 day moving average price of $398.13 and a 200-day moving average price of $344.32. Cummins Inc. has a one year low of $260.02 and a one year high of $432.50.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.26 EPS. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a $2.00 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Analysts Set New Price Targets

CMI has been the topic of several recent analyst reports. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a report on Monday, August 11th. Evercore ISI restated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Citigroup raised their price target on Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $393.57.

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.