Peloton Wealth Strategists Has $4.22 Million Holdings in Cummins Inc. (NYSE:CMI)

Peloton Wealth Strategists lessened its holdings in Cummins Inc. (NYSE:CMI) by 4.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 13,030 shares of the company’s stock after selling 635 shares during the quarter. Cummins makes up approximately 1.7% of Peloton Wealth Strategists’ holdings, making the stock its 21st biggest holding. Peloton Wealth Strategists’ holdings in Cummins were worth $4,219,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the 2nd quarter worth $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the 2nd quarter worth $28,000. Prospera Private Wealth LLC acquired a new stake in shares of Cummins during the third quarter worth $32,000. Kathleen S. Wright Associates Inc. bought a new stake in Cummins in the third quarter valued at about $34,000. Finally, Bangor Savings Bank lifted its stake in Cummins by 39.2% in the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after buying an additional 40 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $345.15.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the company’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 sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

Cummins Trading Up 0.3 %

NYSE CMI opened at $379.60 on Monday. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $382.86. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock’s 50 day moving average price is $348.47 and its two-hundred day moving average price is $310.67. The stock has a market capitalization of $52.07 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 1.84 and a beta of 0.99.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.92%. Cummins’s payout ratio is presently 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.