1,910 Shares in Cummins Inc. (NYSE:CMI) Acquired by Patrick M Sweeney & Associates Inc.

Patrick M Sweeney & Associates Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, HoldingsChannel reports. The fund acquired 1,910 shares of the company’s stock, valued at approximately $458,000.

A number of other hedge funds have also made changes to their positions in the business. Balentine LLC boosted its holdings in Cummins by 3.3% in the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after acquiring an additional 127 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in Cummins by 200.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after buying an additional 3,866 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Cummins in the third quarter worth about $9,048,000. Capital Advisors Inc. OK bought a new position in shares of Cummins during the fourth quarter valued at approximately $24,915,000. Finally, SG Americas Securities LLC raised its position in shares of Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after purchasing an additional 16,869 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares in the company, valued at approximately $720,123.18. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the transaction, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at $720,123.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel William Fisher purchased 562 shares of the stock in a transaction on Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. In the last three months, insiders sold 55,169 shares of company stock worth $14,689,855. 0.56% of the stock is owned by company insiders.

Cummins Trading Up 0.7 %

NYSE CMI traded up $2.15 on Wednesday, reaching $289.06. The company had a trading volume of 593,206 shares, compared to its average volume of 2,531,815. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 52 week low of $203.18 and a 52 week high of $304.24. The stock has a market cap of $39.54 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 1.90 and a beta of 1.04. The stock’s 50 day moving average is $286.11 and its 200-day moving average is $253.84.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.52 EPS. Equities analysts predict that Cummins Inc. will post 18.45 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.32%. Cummins’s dividend payout ratio (DPR) is currently 49.19%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CMI shares. Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and cut their target price for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Robert W. Baird dropped their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Truist Financial raised their target price on Cummins from $303.00 to $319.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Finally, TD Cowen boosted their price target on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $282.55.

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.