Larson Financial Group LLC Purchases 282 Shares of Cummins Inc. (NYSE:CMI)

Larson Financial Group LLC lifted its position in Cummins Inc. (NYSE:CMI) by 11.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,723 shares of the company’s stock after buying an additional 282 shares during the period. Larson Financial Group LLC’s holdings in Cummins were worth $882,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new position in Cummins in the 2nd quarter worth $28,000. Lynx Investment Advisory bought a new position in Cummins during the 2nd quarter worth about $29,000. LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter valued at about $31,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Cummins in the third quarter valued at about $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $375.32 on Tuesday. The company has a market cap of $51.49 billion, a P/E ratio of 24.79, a P/E/G ratio of 1.81 and a beta of 0.97. The firm’s fifty day moving average price is $337.27 and its two-hundred day moving average price is $305.21. Cummins Inc. has a one year low of $222.04 and a one year high of $377.64. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the firm posted $4.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group upped their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $337.67.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

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.