Fairvoy Private Wealth LLC Acquires 281 Shares of Cummins Inc. $CMI

Fairvoy Private Wealth LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,803 shares of the company’s stock after acquiring an additional 281 shares during the quarter. Fairvoy Private Wealth LLC’s holdings in Cummins were worth $3,210,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Franklin Street Advisors Inc. NC raised its holdings in Cummins by 7.5% during the second quarter. Franklin Street Advisors Inc. NC now owns 34,662 shares of the company’s stock valued at $11,352,000 after acquiring an additional 2,422 shares during the period. Curran Financial Partners LLC raised its holdings in Cummins by 17.1% during the second quarter. Curran Financial Partners LLC now owns 1,156 shares of the company’s stock valued at $379,000 after acquiring an additional 169 shares during the period. Stock Yards Bank & Trust Co. raised its holdings in Cummins by 8.0% during the second quarter. Stock Yards Bank & Trust Co. now owns 5,893 shares of the company’s stock valued at $1,930,000 after acquiring an additional 439 shares during the period. Two Point Capital Management Inc. bought a new stake in Cummins during the second quarter valued at about $12,681,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in Cummins by 10.1% during the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 35,862 shares of the company’s stock valued at $11,745,000 after acquiring an additional 3,286 shares during the period. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,119 shares of company stock valued at $14,159,885. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on CMI. Truist Financial raised their price target on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Wells Fargo & Company raised Cummins to an “overweight” rating in a report on Monday, August 11th. Citigroup lifted their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Barclays lifted their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $393.57.

Cummins Trading Up 0.1%

Shares of NYSE CMI opened at $432.87 on Friday. The business’s 50 day moving average is $400.74 and its two-hundred day moving average is $345.82. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $437.66. The stock has a market capitalization of $59.65 billion, a P/E ratio of 20.35, a PEG ratio of 2.09 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the previous year, the firm posted $5.26 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. 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 presently 37.61%.

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.