Cummins Inc. (NYSE:CMI) Shares Acquired by Avestar Capital LLC

Avestar Capital LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 956 shares of the company’s stock after buying an additional 53 shares during the period. Avestar Capital LLC’s holdings in Cummins were worth $310,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Brooklyn Investment Group acquired a new position in Cummins during the third quarter valued at approximately $193,000. FMR LLC lifted its position in Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after buying an additional 9,245 shares in the last quarter. Bank of Montreal Can lifted its position in Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after buying an additional 68,627 shares in the last quarter. Associated Banc Corp lifted its position in Cummins by 0.8% during the third quarter. Associated Banc Corp now owns 51,026 shares of the company’s stock valued at $16,522,000 after buying an additional 410 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in Cummins by 2.7% during the third quarter. Private Trust Co. NA now owns 1,743 shares of the company’s stock valued at $564,000 after buying an additional 46 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on CMI. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Barclays lifted their price objective on shares of 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 objective on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Truist Financial lifted their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Cummins has an average rating of “Hold” and a consensus price target of $337.67.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Down 1.7 %

CMI stock opened at $370.79 on Thursday. 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 Inc. has a 1-year low of $222.75 and a 1-year high of $379.66. The firm has a fifty day moving average price of $340.19 and a two-hundred day moving average price of $306.22. The firm has a market cap of $50.86 billion, a price-to-earnings ratio of 24.49, a PEG ratio of 1.82 and a beta of 0.97.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the previous year, the firm earned $4.73 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The company also recently declared 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 1.96%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

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.