Ironwood Investment Counsel LLC Has $7.39 Million Stock Position in Cummins Inc. (NYSE:CMI)

Ironwood Investment Counsel LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 1.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 22,816 shares of the company’s stock after purchasing an additional 315 shares during the quarter. Cummins makes up approximately 1.2% of Ironwood Investment Counsel LLC’s investment portfolio, making the stock its 18th largest holding. Ironwood Investment Counsel LLC’s holdings in Cummins were worth $7,388,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CMI. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the second quarter worth $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at about $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the second quarter worth approximately $29,000. LRI Investments LLC acquired a new position in Cummins in the first quarter valued at approximately $31,000. Finally, Prospera Private Wealth LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $32,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CMI. Barclays boosted their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $337.67.

Cummins Stock Up 1.1 %

Shares of NYSE:CMI opened at $375.25 on Friday. The company has a market capitalization of $51.48 billion, a PE ratio of 24.79, a price-to-earnings-growth ratio of 1.80 and a beta of 0.97. Cummins Inc. has a 1 year low of $223.35 and a 1 year high of $379.66. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The business has a fifty day moving average price of $342.77 and a two-hundred day moving average price of $307.25.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company posted $4.73 earnings per share. Analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.94%. Cummins’s payout ratio is 48.08%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

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.