Flaharty Asset Management LLC Invests $47,000 in Cummins Inc. $CMI

Flaharty Asset Management LLC purchased a new stake in Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 150 shares of the company’s stock, valued at approximately $47,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new stake in Cummins in the 4th quarter valued at about $32,000. Olde Wealth Management LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $31,000. Opal Wealth Advisors LLC bought a new position in Cummins in the 1st quarter worth approximately $37,000. Finally, Richardson Financial Services Inc. acquired a new position in Cummins during the 1st quarter worth $39,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 2.6%

NYSE:CMI opened at $404.89 on Thursday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $408.38. The firm has a market capitalization of $55.79 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 1.91 and a beta of 1.02. The business’s 50-day moving average price is $375.00 and its two-hundred day moving average price is $336.77.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company earned $5.26 EPS. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.0%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insider Activity at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,039 shares of company stock valued at $10,385,075. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on CMI. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Citigroup upped their target price on shares of Cummins from $380.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Finally, Truist Financial raised their target price on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $389.29.

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.