Eastern Bank Invests $365,000 in Cummins Inc. (NYSE:CMI)

Eastern Bank bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the 3rd quarter, HoldingsChannel.com reports. The fund bought 1,128 shares of the company’s stock, valued at approximately $365,000.

A number of other large investors also recently added to or reduced their stakes in CMI. Cultivar Capital Inc. bought a new position in shares of Cummins during the second quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory purchased a new position in Cummins in the 2nd quarter worth approximately $29,000. LRI Investments LLC bought a new stake in Cummins in the first quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the third quarter valued at approximately $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.2 %

NYSE:CMI opened at $330.12 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The firm’s 50-day moving average price is $315.05 and its 200-day moving average price is $295.57. The company has a market capitalization of $45.15 billion, a PE ratio of 24.17, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter in the prior year, the company earned $5.18 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 53.29%.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on 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 directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on 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 completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, 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. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CMI. Truist Financial lifted their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Evercore ISI upped their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Robert W. Baird raised their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Finally, Citigroup lifted their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report 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 given a buy rating to the company’s stock. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $311.55.

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.