Aaron Wealth Advisors LLC Purchases 230 Shares of Cummins Inc. (NYSE:CMI)

Aaron Wealth Advisors LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 27.9% in the third quarter, HoldingsChannel reports. The firm owned 1,054 shares of the company’s stock after acquiring an additional 230 shares during the period. Aaron Wealth Advisors LLC’s holdings in Cummins were worth $341,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the period. Jupiter Asset Management Ltd. bought a new stake in Cummins during the 2nd quarter valued at $68,018,000. SG Americas Securities LLC increased its holdings in shares of Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after acquiring an additional 179,346 shares during the period. Renaissance Technologies LLC bought a new position in shares of Cummins in the 2nd quarter worth $46,607,000. Finally, AXA S.A. lifted its stake in shares of Cummins by 247.5% during the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock worth $63,431,000 after purchasing an additional 163,129 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CMI shares. Raymond James assumed coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Robert W. Baird boosted their price objective on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Evercore ISI raised their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Citigroup raised their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $311.55.

Insider Buying and Selling

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

Cummins Stock Performance

Shares of CMI opened at $335.51 on Friday. 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 stock has a 50-day moving average of $312.64 and a two-hundred day moving average of $294.84. The stock has a market cap of $45.89 billion, a P/E ratio of 24.56, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a one year low of $212.80 and a one year high of $340.82.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period last year, the business posted $5.18 earnings per share. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid 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 2.17%. Cummins’s payout ratio is currently 53.29%.

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.