CarsonAllaria Wealth Management Ltd. Makes New Investment in Cummins Inc. (NYSE:CMI)

CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 101 shares of the company’s stock, valued at approximately $28,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First United Bank & Trust acquired a new stake in shares of Cummins in the 4th quarter worth $25,000. Private Wealth Management Group LLC acquired a new stake in shares of Cummins in the 4th quarter worth $26,000. Lynx Investment Advisory acquired a new stake in shares of Cummins in the 2nd quarter worth $29,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Cummins in the 4th quarter worth $31,000. Finally, LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter worth $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Citigroup began coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, TD Cowen raised their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Two investment 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, the company presently has a consensus rating of “Hold” and a consensus target price of $299.55.

Cummins Trading Down 0.3 %

Cummins stock traded down $0.77 during trading on Tuesday, reaching $300.55. The company had a trading volume of 531,115 shares, compared to its average volume of 1,806,509. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The stock’s 50 day moving average price is $284.47 and its two-hundred day moving average price is $281.73. The firm has a market capitalization of $41.11 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the firm earned $5.18 earnings per share. Cummins’s revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts expect that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm 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 dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.42%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s payout ratio is 53.29%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of Cummins stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

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.