Relyea Zuckerberg Hanson LLC Takes Position in Cummins Inc. $CMI

Relyea Zuckerberg Hanson LLC bought a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 640 shares of the company’s stock, valued at approximately $210,000.

A number of other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the last quarter. Procyon Advisors LLC lifted its holdings in Cummins by 5.9% in the first quarter. Procyon Advisors LLC now owns 1,457 shares of the company’s stock valued at $457,000 after acquiring an additional 81 shares during the period. SeaCrest Wealth Management LLC boosted its position in Cummins by 9.8% in the first quarter. SeaCrest Wealth Management LLC now owns 1,069 shares of the company’s stock worth $335,000 after purchasing an additional 95 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Cummins during the 1st quarter valued at about $328,000. Finally, Wedmont Private Capital increased its position in shares of Cummins by 3.5% during the 1st quarter. Wedmont Private Capital now owns 1,400 shares of the company’s stock valued at $400,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Mark Andrew Smith sold 1,580 shares of the company’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $419.00, for a total transaction of $662,020.00. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $13,232,858. This represents a 4.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,119 shares of company stock worth $14,159,885. Insiders own 0.41% of the company’s stock.

Cummins Trading Up 1.6%

Shares of CMI stock opened at $439.66 on Tuesday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm has a market capitalization of $60.58 billion, a PE ratio of 20.67, a PEG ratio of 2.09 and a beta of 1.04. The stock has a fifty day simple moving average of $402.11 and a two-hundred day simple moving average of $346.92.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $5.26 earnings per share. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio is currently 37.61%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Barclays boosted their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Truist Financial lifted their target price on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Finally, Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $393.57.

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.