CRA Financial Services LLC Purchases Shares of 685 Cummins Inc. (NYSE:CMI)

CRA Financial Services LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 685 shares of the company’s stock, valued at approximately $202,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Sequoia Financial Advisors LLC raised its position in shares of Cummins by 200.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after buying an additional 3,866 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Cummins in the third quarter valued at approximately $9,048,000. Beacon Financial Group raised its position in shares of Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after buying an additional 126 shares during the last quarter. KBC Group NV raised its position in shares of Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after buying an additional 57,341 shares during the last quarter. Finally, Capital Advisors Inc. OK acquired a new position in shares of Cummins in the fourth quarter valued at approximately $24,915,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Marvin Boakye bought 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was acquired at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the purchase, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Cummins Trading Down 1.3 %

CMI traded down $3.56 during trading on Friday, hitting $276.93. 1,643,842 shares of the company’s stock were exchanged, compared to its average volume of 1,005,899. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $304.24. The stock has a 50 day moving average price of $282.30 and a 200 day moving average price of $268.92. The firm has a market cap of $37.88 billion, a P/E ratio of 20.27, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. As a group, analysts expect that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were paid a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.43%. Cummins’s dividend payout ratio is currently 49.19%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CMI shares. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Citigroup began coverage on shares of Cummins in a research report on Wednesday. They issued a “buy” rating and a $320.00 price objective for the company. TD Cowen upped their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Raymond James began coverage on shares of Cummins in a research report on Friday. They set a “market perform” rating for the company. Finally, Truist Financial reaffirmed a “hold” rating and set a $319.00 price target on shares of Cummins in a research report on Wednesday, May 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $287.55.

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.