C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Invests $4.50 Million in Cummins Inc. (NYSE:CMI)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 12,900 shares of the company’s stock, valued at approximately $4,497,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Global Trust Asset Management LLC grew its holdings in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. Compass Financial Services Inc bought a new stake in Cummins during the 4th quarter worth about $27,000. Prospera Private Wealth LLC acquired a new stake in Cummins in the 3rd quarter valued at about $32,000. Kestra Investment Management LLC bought a new position in shares of Cummins in the fourth quarter worth about $43,000. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Cummins during the third quarter worth approximately $55,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 1.2 %

Shares of NYSE CMI opened at $373.71 on Tuesday. Cummins Inc. has a twelve month low of $259.06 and a twelve month high of $387.90. The stock has a market cap of $51.27 billion, a price-to-earnings ratio of 13.27, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a quick ratio of 0.79, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The company’s fifty day moving average is $361.09 and its 200-day moving average is $339.39.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.14 earnings per share. Equities research analysts predict that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 1.95%. Cummins’s dividend payout ratio (DPR) is currently 25.84%.

Wall Street Analyst Weigh In

CMI has been the subject of several research analyst reports. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $383.08.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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.