Allen Capital Group LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

Allen Capital Group LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 5.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,157 shares of the company’s stock after acquiring an additional 57 shares during the quarter. Allen Capital Group LLC’s holdings in Cummins were worth $375,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter worth approximately $28,000. Prospera Private Wealth LLC purchased a new position in shares of Cummins in the third quarter worth approximately $32,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the second quarter worth approximately $29,000. Finally, LRI Investments LLC purchased a new position in shares of Cummins in the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CMI shares. JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. The Goldman Sachs Group raised their target price on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Truist Financial lifted 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. Finally, Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $337.67.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last three months. 0.56% of the stock is owned by company insiders.

Cummins Trading Up 1.5 %

Shares of CMI opened at $372.66 on Friday. The company’s fifty day moving average is $335.78 and its 200 day moving average is $304.41. Cummins Inc. has a fifty-two week low of $222.04 and a fifty-two week high of $373.35. The stock has a market capitalization of $51.12 billion, a PE ratio of 24.61, a P/E/G ratio of 1.77 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.73 earnings per share. Sell-side analysts expect that Cummins Inc. will post 20.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

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.