CWA Asset Management Group LLC Purchases Shares of 15,757 Cummins Inc. (NYSE:CMI)

CWA Asset Management Group LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the 3rd quarter, Holdings Channel reports. The fund purchased 15,757 shares of the company’s stock, valued at approximately $5,102,000.

Several other institutional investors and hedge funds have also modified their holdings of CMI. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Cummins by 22.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 5,723 shares of the company’s stock valued at $1,686,000 after buying an additional 1,061 shares during the period. Empowered Funds LLC grew its position in Cummins by 35.9% during the first quarter. Empowered Funds LLC now owns 16,869 shares of the company’s stock valued at $4,970,000 after acquiring an additional 4,454 shares during the period. Forsta AP Fonden grew its position in Cummins by 64.2% during the first quarter. Forsta AP Fonden now owns 47,440 shares of the company’s stock valued at $13,978,000 after acquiring an additional 18,540 shares during the period. Tectonic Advisors LLC grew its position in Cummins by 14.1% during the first quarter. Tectonic Advisors LLC now owns 3,075 shares of the company’s stock valued at $906,000 after acquiring an additional 381 shares during the period. Finally, KCM Investment Advisors LLC grew its position in Cummins by 11.4% during the first quarter. KCM Investment Advisors LLC now owns 2,327 shares of the company’s stock valued at $686,000 after acquiring an additional 238 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research reports. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Evercore ISI boosted their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Robert W. Baird boosted their price target on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $324.83.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value 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 represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value 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. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of CMI stock opened at $356.50 on Friday. Cummins Inc. has a 12-month low of $214.57 and a 12-month high of $370.21. The firm has a market capitalization of $48.86 billion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 1.86 and a beta of 0.97. The business has a 50 day simple moving average of $322.99 and a 200 day simple moving average of $299.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter last year, the business posted $4.73 earnings per share. The company’s quarterly revenue was up .3% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post 19.96 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 52.49%.

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.