Cummins Inc. $CMI Shares Purchased by Strong Tower Advisory Services

Strong Tower Advisory Services lifted its holdings in Cummins Inc. (NYSE:CMI) by 5.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,024 shares of the company’s stock after purchasing an additional 432 shares during the quarter. Strong Tower Advisory Services’ holdings in Cummins were worth $2,955,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the 1st quarter worth $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins during the 1st quarter worth about $31,000. Opal Wealth Advisors LLC acquired a new stake in Cummins during the 1st quarter worth about $37,000. Richardson Financial Services Inc. acquired a new stake in Cummins during the 1st quarter worth about $39,000. Finally, Costello Asset Management INC acquired a new stake in Cummins during the 1st quarter worth about $40,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares of the company’s stock, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock worth $17,674,285 over the last quarter. Company insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $413.28 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The business has a 50-day simple moving average of $407.21 and a 200-day simple moving average of $349.37. The stock has a market cap of $56.95 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.06 and a beta of 1.04.

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

Cummins Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have commented on CMI. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Truist Financial lifted their price target on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research report on Wednesday. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, Citigroup boosted their price objective on Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $397.43.

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.