Richard C. Young & CO. LTD. Buys 671 Shares of Cummins Inc. (NYSE:CMI)

Richard C. Young & CO. LTD. grew its position in Cummins Inc. (NYSE:CMI) by 1.8% in the third quarter, HoldingsChannel.com reports. The firm owned 37,608 shares of the company’s stock after acquiring an additional 671 shares during the period. Richard C. Young & CO. LTD.’s holdings in Cummins were worth $12,177,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the second quarter valued at approximately $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC bought a new stake in Cummins in the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins during the third quarter worth $34,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of CMI opened at $361.85 on Monday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company’s fifty day moving average price is $328.91 and its 200-day moving average price is $301.77. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21. The firm has a market capitalization of $49.64 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.73 earnings per share. On average, equities research analysts predict that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

CMI has been the subject of several analyst reports. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Citigroup raised their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Finally, Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $334.33.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock valued at $9,033,945 in the last 90 days. 0.56% of the stock is currently owned by company insiders.

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.