Allworth Financial LP Buys 3,054 Shares of Cummins Inc. (NYSE:CMI)

Allworth Financial LP raised its stake in Cummins Inc. (NYSE:CMI) by 110.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,810 shares of the company’s stock after purchasing an additional 3,054 shares during the quarter. Allworth Financial LP’s holdings in Cummins were worth $2,126,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Global Trust Asset Management LLC increased its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. Compass Financial Services Inc bought a new position in shares of Cummins in the 4th quarter valued at about $27,000. Prospera Private Wealth LLC bought a new stake in shares of Cummins in the 3rd quarter valued at about $32,000. Ashton Thomas Securities LLC acquired a new stake in Cummins in the 3rd quarter valued at about $55,000. Finally, Friedenthal Financial bought a new position in Cummins during the fourth quarter worth about $55,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.56% of the stock is owned by corporate insiders.

Cummins Trading Up 1.5 %

Shares of CMI stock opened at $379.21 on Wednesday. Cummins Inc. has a fifty-two week low of $259.06 and a fifty-two week high of $387.90. The stock’s fifty day moving average price is $360.89 and its two-hundred day moving average price is $339.87. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31. The company has a market cap of $52.02 billion, a PE ratio of 13.46, a P/E/G ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue was down 1.1% compared to the same quarter last year. During the same period last year, the firm posted $4.14 earnings per share. Equities analysts predict that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.92%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CMI shares. StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Citigroup reduced their target price on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Truist Financial increased their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and an average target price of $383.08.

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.