HBK Sorce Advisory LLC Buys 167 Shares of Cummins Inc. $CMI

HBK Sorce Advisory LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 4.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,687 shares of the company’s stock after acquiring an additional 167 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Cummins were worth $1,207,000 at the end of the most recent quarter.

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

Cummins Stock Down 0.7%

CMI opened at $438.26 on Friday. 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 company’s 50-day moving average is $415.17 and its 200 day moving average is $361.69. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $449.21. The firm has a market capitalization of $60.39 billion, a P/E ratio of 20.60, a PEG ratio of 2.05 and a beta of 1.04.

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

Cummins Announces Dividend

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 issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 37.61%.

Analyst Ratings Changes

A number of research firms have weighed in on CMI. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Truist Financial lifted their price target on 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 price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $410.50.

Insider Buying and Selling at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction that occurred on 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 completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at $13,873,972.60. This trade represents a 20.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 43,119 shares of company stock valued at $17,674,285 in the last three months. 0.41% of the stock is owned by corporate 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.