AlTi Global Inc. Buys 203 Shares of Cummins Inc. $CMI

AlTi Global Inc. increased its holdings in Cummins Inc. (NYSE:CMI) by 5.0% during the second quarter, Holdings Channel.com reports. The firm owned 4,287 shares of the company’s stock after acquiring an additional 203 shares during the quarter. AlTi Global Inc.’s holdings in Cummins were worth $1,425,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CMI. Brighton Jones LLC raised its position in 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 purchasing an additional 83 shares during the period. GAMMA Investing LLC increased its position in shares of Cummins by 22.3% in the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock valued at $1,191,000 after acquiring an additional 692 shares during the period. Flagship Harbor Advisors LLC increased its position in shares of Cummins by 11.0% in the first quarter. Flagship Harbor Advisors LLC now owns 694 shares of the company’s stock valued at $217,000 after acquiring an additional 69 shares during the period. Golden State Wealth Management LLC increased its position in shares of Cummins by 117.5% in the first quarter. Golden State Wealth Management LLC now owns 2,214 shares of the company’s stock valued at $694,000 after acquiring an additional 1,196 shares during the period. Finally, Perigon Wealth Management LLC increased its position in shares of Cummins by 0.6% in the first quarter. Perigon Wealth Management LLC now owns 6,588 shares of the company’s stock valued at $2,065,000 after acquiring an additional 42 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.0%

Shares of NYSE CMI opened at $421.79 on Friday. The firm’s 50 day moving average price is $412.77 and its 200-day moving average price is $357.20. The company has a market cap of $58.12 billion, a PE ratio of 19.83, a P/E/G ratio of 1.94 and a beta of 1.04. 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.

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

Cummins Dividend Announcement

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

Insider Activity at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the company’s 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 completion of the sale, the vice president directly owned 955 shares of the company’s stock, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock valued at $17,674,285 over the last quarter. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have issued reports on CMI. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Citigroup lifted their target price on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Truist Financial lifted their target price on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $410.50.

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.