644 Shares in Cummins Inc. (NYSE:CMI) Acquired by Pine Valley Investments Ltd Liability Co

Pine Valley Investments Ltd Liability Co bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 644 shares of the company’s stock, valued at approximately $209,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. PFG Investments LLC increased its stake in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after buying an additional 485 shares during the period. CWM LLC increased its position in Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the period. Distillate Capital Partners LLC increased its position in Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the period. Alpha DNA Investment Management LLC bought a new stake in shares of Cummins in the 3rd quarter valued at about $748,000. Finally, Dupree Financial Group LLC purchased a new stake in shares of Cummins in the 3rd quarter worth approximately $3,925,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 0.8 %

CMI stock opened at $367.71 on Friday. The stock has a market capitalization of $50.44 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average of $353.19 and a 200 day moving average of $313.42.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the firm posted $4.73 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were paid a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.98%. Cummins’s payout ratio is presently 48.08%.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on 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 owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $355.00 to $420.00 in a report on Monday, December 9th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Truist Financial boosted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. Citigroup raised their price objective on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Jefferies Financial Group boosted their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six 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 has an average rating of “Hold” and a consensus target price of $352.85.

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.