Palisades Hudson Asset Management L.P. Makes New Investment in Cummins Inc. (NYSE:CMI)

Palisades Hudson Asset Management L.P. purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 655 shares of the company’s stock, valued at approximately $212,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. PFG Investments LLC lifted its holdings in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares during the period. CWM LLC increased its stake in shares of Cummins by 17.4% during the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after purchasing an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC raised its position in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Cummins during the 2nd quarter valued at $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the company’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 transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on 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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was 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 owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. 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.

Analyst Ratings Changes

CMI has been the topic of a number of research analyst reports. Barclays raised their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Citigroup upped their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird upped their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI increased their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $311.55.

Cummins Trading Up 0.4 %

CMI stock traded up $1.17 during midday trading on Monday, reaching $329.68. The company’s stock had a trading volume of 72,838 shares, compared to its average volume of 1,507,906. The stock has a market cap of $45.18 billion, a PE ratio of 23.68, a price-to-earnings-growth ratio of 1.88 and a beta of 0.97. The business’s 50-day simple moving average is $318.94 and its 200-day simple moving average is $297.15. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 52 week low of $214.57 and a 52 week high of $340.82.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the prior year, the firm earned $5.18 EPS. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 19.96 EPS for the current year.

Cummins Announces Dividend

The company 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. This represents a $7.28 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 52.49%.

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.