718 Shares in Cummins Inc. (NYSE:CMI) Acquired by Old North State Trust LLC

Old North State Trust LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 718 shares of the company’s stock, valued at approximately $232,000.

Other large investors have also modified their holdings of the company. Cultivar Capital Inc. purchased a new stake in shares of Cummins during the second quarter valued at $28,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins in the third quarter worth about $32,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the second quarter worth approximately $28,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the third quarter valued at approximately $34,000. Finally, Gradient Investments LLC lifted its position in shares of Cummins by 290.0% in the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company’s stock valued at $43,000 after acquiring an additional 116 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research analyst reports. Robert W. Baird increased their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $352.85.

Cummins Trading Up 0.1 %

NYSE:CMI opened at $370.66 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. The company’s 50 day moving average is $352.47 and its 200-day moving average is $312.84. The firm has a market cap of $50.85 billion, a price-to-earnings ratio of 24.48, a P/E/G ratio of 1.80 and a beta of 0.99. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90.

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

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were paid a $1.82 dividend. 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 payout ratio is currently 48.08%.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were 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 approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last quarter. Corporate insiders own 0.56% of the company’s stock.

About Cummins

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.