Essex Savings Bank Purchases 800 Shares of Cummins Inc. (NYSE:CMI)

Essex Savings Bank boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 32.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,287 shares of the company’s stock after acquiring an additional 800 shares during the quarter. Essex Savings Bank’s holdings in Cummins were worth $1,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. purchased a new stake in Cummins in the 2nd quarter worth approximately $28,000. Lynx Investment Advisory purchased a new stake in Cummins in the 2nd quarter worth approximately $29,000. LRI Investments LLC purchased a new stake in Cummins in the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in Cummins in the 3rd quarter worth approximately $34,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other 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 sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade 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 insiders.

Cummins Trading Up 0.5 %

CMI stock opened at $356.46 on Friday. The company’s 50-day simple moving average is $322.99 and its 200-day simple moving average is $299.12. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52-week low of $214.57 and a 52-week high of $370.21. The firm has a market cap of $48.90 billion, a P/E ratio of 23.54, a PEG ratio of 2.01 and a beta of 0.97.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the company posted $4.73 EPS. The business’s revenue was up .3% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 20.17 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.04%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CMI shares. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Robert W. Baird increased their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cummins has an average rating of “Hold” and an average price target of $324.83.

Cummins 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.