Two Point Capital Management Inc. Buys 416 Shares of Cummins Inc. (NYSE:CMI)

Two Point Capital Management Inc. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 1.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,235 shares of the company’s stock after purchasing an additional 416 shares during the period. Cummins comprises 3.9% of Two Point Capital Management Inc.’s investment portfolio, making the stock its 10th biggest position. Two Point Capital Management Inc.’s holdings in Cummins were worth $10,761,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new position in Cummins in the 2nd quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the second quarter worth about $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the 2nd quarter valued at about $29,000. LRI Investments LLC acquired a new stake in Cummins in the 1st quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the 3rd quarter worth approximately $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent research reports. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday. 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. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Truist Financial lifted their target price 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, Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $324.83.

Insider Buying and Selling

In other Cummins news, 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 value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction 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 sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction 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 completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Cummins Trading Up 0.5 %

CMI opened at $356.07 on Thursday. Cummins Inc. has a 52 week low of $214.57 and a 52 week high of $370.21. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The business has a fifty day simple moving average of $321.21 and a 200-day simple moving average of $298.27. The firm has a market cap of $48.80 billion, a P/E ratio of 25.67, a P/E/G ratio of 1.88 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the business posted $4.73 EPS. On average, equities analysts expect that Cummins Inc. will post 19.96 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.04%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 52.49%.

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.