Retirement Guys Formula LLC Invests $1.54 Million in Cummins Inc. (NYSE:CMI)

Retirement Guys Formula LLC acquired a new position in Cummins Inc. (NYSE:CMI) in the 3rd quarter, HoldingsChannel reports. The firm acquired 4,747 shares of the company’s stock, valued at approximately $1,537,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quadrature Capital Ltd grew its holdings in shares of Cummins by 6.9% in the fourth quarter. Quadrature Capital Ltd now owns 2,533 shares of the company’s stock valued at $607,000 after acquiring an additional 163 shares in the last quarter. &PARTNERS bought a new position in shares of Cummins in the first quarter valued at approximately $258,000. International Assets Investment Management LLC grew its holdings in shares of Cummins by 2.0% in the first quarter. International Assets Investment Management LLC now owns 3,129 shares of the company’s stock valued at $922,000 after acquiring an additional 60 shares in the last quarter. Ballentine Partners LLC grew its holdings in shares of Cummins by 8.2% in the first quarter. Ballentine Partners LLC now owns 2,345 shares of the company’s stock valued at $691,000 after acquiring an additional 177 shares in the last quarter. Finally, Global Assets Advisory LLC bought a new position in shares of Cummins in the first quarter valued at approximately $4,513,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s 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 in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s 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 transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the firm’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 transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CMI shares. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Raymond James started coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Citigroup increased their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Robert W. Baird increased their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus target price of $311.55.

Cummins Price Performance

Shares of CMI stock traded down $0.55 on Monday, reaching $334.96. The company’s stock had a trading volume of 135,293 shares, compared to its average volume of 1,558,016. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $340.82. The company has a market capitalization of $45.82 billion, a P/E ratio of 24.56, a PEG ratio of 1.92 and a beta of 0.98. The stock’s 50 day simple moving average is $312.64 and its 200-day simple moving average is $294.84.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter last year, the business posted $5.18 earnings per share. The firm’s revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.17%. Cummins’s payout ratio is 53.29%.

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.