630 Shares in Cummins Inc. (NYSE:CMI) Acquired by Bush Investment Group LLC

Bush Investment Group LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the third quarter, Holdings Channel.com reports. The firm bought 630 shares of the company’s stock, valued at approximately $204,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Chicago Capital LLC grew its holdings in shares of Cummins by 0.9% during the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after buying an additional 30 shares during the last quarter. Equitable Trust Co. increased its position in shares of Cummins by 3.6% during the third quarter. Equitable Trust Co. now owns 920 shares of the company’s stock valued at $298,000 after buying an additional 32 shares during the period. Atlantic Edge Private Wealth Management LLC increased its position in shares of Cummins by 0.7% in the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after purchasing an additional 35 shares during the last quarter. EP Wealth Advisors LLC increased its position in shares of Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares during the last quarter. Finally, Fidelis Capital Partners LLC increased its position in shares of Cummins by 3.4% in the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after purchasing an additional 38 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Up 0.4 %

Shares of NYSE CMI opened at $372.01 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $387.90. The firm has a 50-day moving average price of $352.47 and a 200 day moving average price of $312.84. The stock has a market capitalization of $51.03 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating 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 firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm posted $4.73 EPS. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed 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 of this dividend was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.96%. Cummins’s dividend payout ratio (DPR) is 48.08%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CMI shares. Jefferies Financial Group increased their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, Citigroup raised their target price on Cummins from $415.00 to $435.00 and gave the stock a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $352.85.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,456,419.29. This trade represents a 8.77 % decrease in their position. The transaction 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.

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.