D.A. Davidson & CO. Increases Stock Position in Cummins Inc. (NYSE:CMI)

D.A. Davidson & CO. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 227,968 shares of the company’s stock after buying an additional 276 shares during the period. D.A. Davidson & CO.’s holdings in Cummins were worth $73,814,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins in the 2nd quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter valued at $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins during the 2nd quarter worth $29,000. LRI Investments LLC purchased a new stake in shares of Cummins in the 1st quarter worth about $31,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins in the 3rd quarter valued at about $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of NYSE:CMI opened at $375.32 on Tuesday. The business’s 50-day simple moving average is $337.27 and its 200 day simple moving average is $305.21. The company has a market cap of $51.49 billion, a P/E ratio of 24.79, a PEG ratio of 1.81 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a one year low of $222.04 and a one year high of $377.64.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the company posted $4.73 earnings per share. On average, sell-side analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.94%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last three months. 0.56% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Citigroup lifted their price objective on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Two equities research 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, Cummins has an average rating of “Hold” and a consensus price target of $337.67.

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.