Cummins Inc. (NYSE:CMI) Stock Position Raised by River Street Advisors LLC

River Street Advisors LLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 3.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,080 shares of the company’s stock after acquiring an additional 229 shares during the quarter. Cummins accounts for about 1.1% of River Street Advisors LLC’s holdings, making the stock its 25th largest position. River Street Advisors LLC’s holdings in Cummins were worth $1,969,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CMI. Cultivar Capital Inc. acquired a new position in Cummins in the 2nd quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the 2nd quarter worth about $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins during the 2nd quarter valued at about $29,000. LRI Investments LLC bought a new stake in shares of Cummins in the 1st quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins during the third quarter valued at approximately $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CMI shares. Truist Financial increased their price target 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. JPMorgan Chase & Co. boosted their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Citigroup boosted their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $334.33.

Cummins Stock Performance

Shares of NYSE CMI traded down $1.88 during mid-day trading on Friday, hitting $361.85. The company had a trading volume of 536,110 shares, compared to its average volume of 1,481,105. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21. The firm has a market cap of $49.64 billion, a P/E ratio of 23.90, a PEG ratio of 1.79 and a beta of 0.97. The business’s 50-day simple moving average is $328.91 and its 200-day simple moving average is $301.51. 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 released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm earned $4.73 EPS. As a group, analysts predict that Cummins Inc. will post 20.61 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. Cummins’s dividend payout ratio is currently 48.08%.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 23.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 162 shares of the company’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 completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,576 shares of company stock valued at $9,033,945. Corporate 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.