Cummins Inc. (NYSE:CMI) Shares Bought by Jamison Private Wealth Management Inc.

Jamison Private Wealth Management Inc. grew its stake in Cummins Inc. (NYSE:CMI) by 16.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 392 shares of the company’s stock after buying an additional 56 shares during the period. Jamison Private Wealth Management Inc.’s holdings in Cummins were worth $109,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Albert D Mason Inc. lifted its position in Cummins by 0.4% during the 1st quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock worth $2,728,000 after acquiring an additional 37 shares during the period. Greenleaf Trust boosted its position in Cummins by 0.5% in the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after buying an additional 40 shares during the last quarter. Bison Wealth LLC raised its position in Cummins by 3.6% during the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after buying an additional 42 shares during the last quarter. Patrick M Sweeney & Associates Inc. raised its position in Cummins by 2.4% during the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 1,956 shares of the company’s stock worth $576,000 after buying an additional 46 shares during the last quarter. Finally, First Pacific Financial lifted its stake in Cummins by 1.2% during the 1st quarter. First Pacific Financial now owns 3,823 shares of the company’s stock valued at $1,127,000 after acquiring an additional 47 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, VP Marvin Boakye acquired 1,745 shares of the stock in a transaction on Monday, May 20th. The shares were bought at an average price of $286.04 per share, with a total value 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 approximately $499,139.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Marvin Boakye purchased 1,745 shares of the business’s stock in a transaction dated Monday, May 20th. The stock was acquired at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the acquisition, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE CMI traded down $1.07 during mid-day trading on Friday, hitting $296.17. The stock had a trading volume of 40,554 shares, compared to its average volume of 1,854,279. The firm’s 50 day moving average is $281.03 and its 200 day moving average is $277.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. The stock has a market capitalization of $40.51 billion, a price-to-earnings ratio of 21.75, a PEG ratio of 1.93 and a beta of 0.99. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period last year, the firm posted $5.18 earnings per share. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.46%. Cummins’s dividend payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup initiated coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. The Goldman Sachs Group lifted their price target on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Robert W. Baird increased their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Truist Financial boosted their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $295.00.

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.