Easterly Investment Partners LLC Purchases Shares of 3,329 Cummins Inc. $CMI

Easterly Investment Partners LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel reports. The firm purchased 3,329 shares of the company’s stock, valued at approximately $1,090,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Orca Wealth Management LLC increased its stake in Cummins by 0.6% during the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after purchasing an additional 28 shares in the last quarter. V Square Quantitative Management LLC increased its stake in Cummins by 1.0% during the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after purchasing an additional 31 shares in the last quarter. Bank of Jackson Hole Trust increased its stake in Cummins by 1.2% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares in the last quarter. Scotia Capital Inc. increased its stake in Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares in the last quarter. Finally, Van Hulzen Asset Management LLC increased its stake in Cummins by 1.2% during the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after purchasing an additional 34 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CMI. Truist Financial upped their target price on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Barclays upped their target price on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $407.43.

Insider Activity at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares of the company’s stock, valued at $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock valued at $17,674,285 in the last 90 days. 0.41% of the stock is currently owned by company insiders.

Cummins Price Performance

CMI opened at $411.84 on Friday. The firm has a market cap of $56.75 billion, a P/E ratio of 19.36, a PEG ratio of 2.04 and a beta of 1.04. The firm has a 50-day moving average of $411.10 and a 200 day moving average of $352.75. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $440.51.

Cummins (NYSE:CMI) last posted 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. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.26 earnings per share. On average, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins’s dividend payout ratio is presently 37.61%.

Cummins 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.