Benjamin Edwards Inc. Boosts Stake in Cummins Inc. (NYSE:CMI)

Benjamin Edwards Inc. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 670.1% during the 3rd quarter, Holdings Channel.com reports. The firm owned 33,723 shares of the company’s stock after buying an additional 29,344 shares during the quarter. Benjamin Edwards Inc.’s holdings in Cummins were worth $10,941,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Point72 Hong Kong Ltd raised its stake in shares of Cummins by 143.2% in the third quarter. Point72 Hong Kong Ltd now owns 9,381 shares of the company’s stock worth $3,037,000 after buying an additional 5,524 shares during the period. Erste Asset Management GmbH bought a new position in shares of Cummins during the 3rd quarter valued at approximately $11,899,000. Ironwood Investment Counsel LLC increased its holdings in Cummins by 1.4% in the 3rd quarter. Ironwood Investment Counsel LLC now owns 22,816 shares of the company’s stock worth $7,388,000 after acquiring an additional 315 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Cummins by 4,161.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 81,818 shares of the company’s stock worth $26,492,000 after acquiring an additional 79,898 shares during the period. Finally, Icon Wealth Advisors LLC lifted its holdings in Cummins by 7.2% during the third quarter. Icon Wealth Advisors LLC now owns 1,424 shares of the company’s stock valued at $461,000 after purchasing an additional 96 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Citigroup increased their price target on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Robert W. Baird increased their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Truist Financial boosted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $337.67.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The stock was 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 owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last 90 days. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.8 %

Shares of CMI opened at $377.87 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The stock has a market capitalization of $51.84 billion, a price-to-earnings ratio of 24.96, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. Cummins Inc. has a 1 year low of $224.60 and a 1 year high of $379.66. The business’s 50 day simple moving average is $342.77 and its 200-day simple moving average is $307.44.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $4.73 EPS. As a group, equities analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

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.