Cummins Inc. (NYSE:CMI) Stock Position Raised by Wedmont Private Capital

Wedmont Private Capital boosted its holdings in Cummins Inc. (NYSE:CMI) by 8.3% during the second quarter, HoldingsChannel.com reports. The fund owned 1,228 shares of the company’s stock after acquiring an additional 94 shares during the period. Wedmont Private Capital’s holdings in Cummins were worth $350,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Perigon Wealth Management LLC acquired a new position in Cummins during the 4th quarter valued at approximately $331,000. Tennessee Valley Asset Management Partners acquired a new position in shares of Cummins during the fourth quarter valued at $195,000. Graypoint LLC grew its position in shares of Cummins by 21.4% during the fourth quarter. Graypoint LLC now owns 1,255 shares of the company’s stock worth $301,000 after acquiring an additional 221 shares during the last quarter. Crestwood Advisors Group LLC acquired a new stake in shares of Cummins in the 4th quarter worth about $435,000. Finally, Louisiana State Employees Retirement System bought a new stake in Cummins in the 4th quarter valued at about $2,060,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Truist Financial raised their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Barclays raised their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Raymond James began coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Citigroup started coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $295.00.

Cummins Trading Up 0.3 %

Cummins stock traded up $0.80 during midday trading on Tuesday, reaching $291.74. The stock had a trading volume of 803,008 shares, compared to its average volume of 1,844,077. The firm’s fifty day simple moving average is $281.58 and its two-hundred day simple moving average is $279.37. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83. The firm has a market cap of $39.90 billion, a price-to-earnings ratio of 21.28, a PEG ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $5.18 EPS. Equities analysts anticipate that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be issued a dividend of $1.82 per share. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s payout ratio is currently 53.29%.

Insider Buying and Selling

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

About Cummins

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.