Lynx Investment Advisory Acquires New Stake in Cummins Inc. (NYSE:CMI)

Lynx Investment Advisory bought a new position in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 103 shares of the company’s stock, valued at approximately $29,000.

A number of other large investors have also recently added to or reduced their stakes in the company. First United Bank & Trust acquired a new position in Cummins in the 4th quarter valued at about $25,000. Private Wealth Management Group LLC bought a new position in shares of Cummins during the fourth quarter worth approximately $26,000. DiNuzzo Private Wealth Inc. acquired a new stake in Cummins during the 4th quarter worth approximately $31,000. LRI Investments LLC bought a new stake in Cummins in the 1st quarter valued at $31,000. Finally, JNBA Financial Advisors grew its holdings in Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Barclays raised their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday. Citigroup started coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Truist Financial boosted their price target on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $295.00.

Cummins Trading Up 1.3 %

NYSE CMI traded up $3.68 during trading hours on Wednesday, reaching $295.99. The company’s stock had a trading volume of 329,811 shares, compared to its average volume of 1,871,327. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. The stock has a market cap of $40.49 billion, a P/E ratio of 21.62, a P/E/G ratio of 1.93 and a beta of 0.99. The firm has a fifty day simple moving average of $280.31 and a 200-day simple moving average of $277.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter last year, the firm earned $5.18 earnings per share. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. Equities analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 53.29%.

Insider Activity

In related news, VP Jeffrey T. Wiltrout acquired 282 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Marvin Boakye bought 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

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.