Shepherd Financial Partners LLC Has $589,000 Position in Cummins Inc. (NYSE:CMI)

Shepherd Financial Partners LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 2.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,819 shares of the company’s stock after purchasing an additional 41 shares during the period. Shepherd Financial Partners LLC’s holdings in Cummins were worth $589,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Stephens Inc. AR grew its holdings in shares of Cummins by 12.9% during the 3rd quarter. Stephens Inc. AR now owns 1,250 shares of the company’s stock valued at $405,000 after acquiring an additional 143 shares in the last quarter. US Bancorp DE raised its holdings in shares of Cummins by 2.0% during the third quarter. US Bancorp DE now owns 75,919 shares of the company’s stock worth $24,582,000 after acquiring an additional 1,496 shares in the last quarter. Catalyst Financial Partners LLC acquired a new stake in Cummins during the third quarter valued at $217,000. Cornerstone Wealth Group LLC grew its stake in Cummins by 0.5% in the third quarter. Cornerstone Wealth Group LLC now owns 34,785 shares of the company’s stock valued at $11,263,000 after purchasing an additional 187 shares in the last quarter. Finally, Pinnacle Associates Ltd. increased its position in Cummins by 1.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 36,524 shares of the company’s stock worth $11,826,000 after purchasing an additional 576 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly 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 disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE CMI traded up $1.66 on Friday, reaching $330.64. The company’s stock had a trading volume of 96,049 shares, compared to its average volume of 1,513,324. The firm has a market cap of $45.31 billion, a PE ratio of 23.73, a price-to-earnings-growth ratio of 1.90 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $340.82. The business has a 50-day moving average price of $318.55 and a 200 day moving average price of $296.87.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for 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%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company posted $5.18 EPS. Sell-side analysts expect that Cummins Inc. will post 19.96 EPS for the current year.

Cummins Dividend Announcement

The business 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. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.20%. Cummins’s dividend payout ratio is currently 52.49%.

Analysts Set New Price Targets

Several brokerages recently commented on CMI. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Citigroup lifted their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cummins presently has an average rating of “Hold” and an average price target of $311.55.

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.