HB Wealth Management LLC Purchases 232 Shares of Cummins Inc. (NYSE:CMI)

HB Wealth Management LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 8.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,830 shares of the company’s stock after acquiring an additional 232 shares during the period. HB Wealth Management LLC’s holdings in Cummins were worth $784,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Silver Oak Securities Incorporated boosted its holdings in shares of Cummins by 309.1% in the 4th quarter. Silver Oak Securities Incorporated now owns 495 shares of the company’s stock worth $119,000 after buying an additional 374 shares during the last quarter. Choreo LLC lifted its position in shares of Cummins by 175.3% during the fourth quarter. Choreo LLC now owns 3,904 shares of the company’s stock worth $935,000 after acquiring an additional 2,486 shares in the last quarter. Penobscot Investment Management Company Inc. lifted its position in shares of Cummins by 17.7% during the fourth quarter. Penobscot Investment Management Company Inc. now owns 6,840 shares of the company’s stock worth $1,639,000 after acquiring an additional 1,030 shares in the last quarter. Brighton Jones LLC boosted its holdings in shares of Cummins by 3.2% in the fourth quarter. Brighton Jones LLC now owns 2,188 shares of the company’s stock worth $524,000 after acquiring an additional 68 shares during the period. Finally, Hexagon Capital Partners LLC grew its position in shares of Cummins by 64.3% in the fourth quarter. Hexagon Capital Partners LLC now owns 212 shares of the company’s stock valued at $51,000 after purchasing an additional 83 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

CMI traded up $4.08 during trading on Thursday, reaching $310.15. The stock had a trading volume of 65,352 shares, compared to its average volume of 1,751,890. The business has a 50-day moving average of $288.13 and a 200-day moving average of $283.80. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34. The stock has a market cap of $42.42 billion, a PE ratio of 22.74, a PEG ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $5.18 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.35%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s payout ratio is presently 53.29%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. TD Cowen boosted their price target on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Finally, Truist Financial increased their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Two equities 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $299.55.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

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.