Chicago Partners Investment Group LLC Purchases 746 Shares of Cummins Inc. $CMI

Chicago Partners Investment Group LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 47.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,328 shares of the company’s stock after purchasing an additional 746 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Cummins were worth $843,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Olde Wealth Management LLC purchased a new stake in shares of Cummins during the first quarter worth $30,000. Accredited Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter valued at $31,000. Richardson Financial Services Inc. purchased a new stake in Cummins during the 1st quarter worth about $39,000. Costello Asset Management INC purchased a new stake in Cummins during the 1st quarter worth about $40,000. Finally, Wealth Preservation Advisors LLC bought a new position in Cummins in the 1st quarter worth about $41,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Truist Financial upped their price target on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Citigroup increased their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. JPMorgan Chase & Co. raised their price target on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Finally, Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average target price of $410.50.

Cummins Trading Up 1.0%

Shares of CMI opened at $418.33 on Wednesday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The company has a market capitalization of $57.64 billion, a P/E ratio of 19.67, a P/E/G ratio of 2.00 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm’s 50 day simple moving average is $412.01 and its 200 day simple moving average is $354.77.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.26 EPS. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is currently 37.61%.

Insider Buying and Selling at Cummins

In related news, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is currently owned by company insiders.

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.