Harbour Investments Inc. Boosts Holdings in Cummins Inc. $CMI

Harbour Investments Inc. lifted its stake in Cummins Inc. (NYSE:CMI) by 2.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,871 shares of the company’s stock after purchasing an additional 45 shares during the quarter. Harbour Investments Inc.’s holdings in Cummins were worth $613,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Brighton Jones LLC raised its position in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the last quarter. GAMMA Investing LLC raised its position in Cummins by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock worth $1,191,000 after buying an additional 692 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Cummins by 35.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,658 shares of the company’s stock worth $9,923,000 after buying an additional 8,261 shares during the last quarter. Johnson Investment Counsel Inc. raised its position in Cummins by 2.4% in the 1st quarter. Johnson Investment Counsel Inc. now owns 1,901 shares of the company’s stock worth $596,000 after buying an additional 45 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. raised its position in Cummins by 9.0% in the 1st quarter. Jamison Private Wealth Management Inc. now owns 1,092 shares of the company’s stock worth $342,000 after buying an additional 90 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

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

Cummins Trading Down 2.6%

CMI stock opened at $411.84 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company has a market capitalization of $56.75 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 1.99 and a beta of 1.04. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The business has a 50 day simple moving average of $411.10 and a two-hundred day simple moving average of $353.38.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company earned $5.26 EPS. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of recent research reports. Barclays boosted their price target on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Robert W. Baird boosted their price target on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $407.43.

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.