Pinnacle Associates Ltd. Raises Stake in Cummins Inc. (NYSE:CMI)

Pinnacle Associates Ltd. raised its position in shares of Cummins Inc. (NYSE:CMI) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 36,524 shares of the company’s stock after purchasing an additional 576 shares during the period. Pinnacle Associates Ltd.’s holdings in Cummins were worth $11,826,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the second quarter worth $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter worth $28,000. Lynx Investment Advisory bought a new stake in Cummins in the second quarter worth $29,000. LRI Investments LLC bought a new stake in Cummins in the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the third quarter worth $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.2 %

Shares of NYSE CMI opened at $331.85 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The firm has a market capitalization of $45.39 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 1.92 and a beta of 0.98. The stock has a 50 day moving average price of $318.09 and a 200 day moving average price of $296.64. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $340.82.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.18 earnings per share. Sell-side analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.19%. Cummins’s payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Citigroup boosted their price target on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Finally, Truist Financial boosted their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $311.55.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

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.