Summit Financial LLC Takes Position in Cummins Inc. (NYSE:CMI)

Summit Financial LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 945 shares of the company’s stock, valued at approximately $262,000.

Other institutional investors have also recently added to or reduced their stakes in the company. First United Bank & Trust bought a new position in Cummins during the 4th quarter worth approximately $25,000. Private Wealth Management Group LLC bought a new stake in Cummins during the fourth quarter valued at $26,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the 2nd quarter worth about $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at about $28,000. Finally, Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter valued at about $29,000. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CMI shares. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial raised their price target on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Evercore ISI upped their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. JPMorgan Chase & Co. raised their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Finally, StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Two 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $299.55.

Cummins Price Performance

Shares of NYSE:CMI opened at $301.73 on Thursday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a market cap of $41.27 billion, a PE ratio of 22.09, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99. The stock’s fifty day simple moving average is $291.52 and its two-hundred day simple moving average is $285.61. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $5.18 earnings per share. As a group, analysts forecast that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is 53.29%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated 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 completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated 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 completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.