Cummins Inc. $CMI Shares Purchased by Ironwood Investment Counsel LLC

Ironwood Investment Counsel LLC raised its position in Cummins Inc. (NYSE:CMI) by 5.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 24,184 shares of the company’s stock after acquiring an additional 1,207 shares during the quarter. Cummins comprises about 1.2% of Ironwood Investment Counsel LLC’s portfolio, making the stock its 19th biggest holding. Ironwood Investment Counsel LLC’s holdings in Cummins were worth $7,920,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Accredited Wealth Management LLC purchased a new position in shares of Cummins in the first quarter valued at approximately $31,000. Richardson Financial Services Inc. purchased a new stake in shares of Cummins during the first quarter worth approximately $39,000. Costello Asset Management INC acquired a new position in Cummins in the 1st quarter valued at $40,000. Wealth Preservation Advisors LLC purchased a new position in Cummins in the 1st quarter valued at $41,000. Finally, CNB Bank purchased a new position in Cummins in the 2nd quarter valued at $43,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 38,559 shares of company stock valued at $16,842,558. 0.41% of the stock is currently owned by insiders.

Cummins Price Performance

Cummins stock opened at $475.70 on Wednesday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $424.13 and a 200 day moving average price of $372.39. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $484.84. The stock has a market cap of $65.54 billion, a P/E ratio of 22.36, a PEG ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the business posted $5.86 EPS. Cummins’s revenue was down 1.6% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm 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 $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio is currently 41.52%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CMI shares. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a report on Wednesday, November 5th. Finally, Barclays raised their target price on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Ten research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $435.00.

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.