Cummins Inc. (NYSE:CMI) Shares Acquired by Avestar Capital LLC

Avestar Capital LLC increased its stake in Cummins Inc. (NYSE:CMI) by 5.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 956 shares of the company’s stock after buying an additional 53 shares during the quarter. Avestar Capital LLC’s holdings in Cummins were worth $310,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Janus Henderson Group PLC lifted its holdings in Cummins by 15.8% in the 1st quarter. Janus Henderson Group PLC now owns 80,727 shares of the company’s stock valued at $23,770,000 after acquiring an additional 11,033 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in Cummins by 15.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,254 shares of the company’s stock valued at $2,137,000 after acquiring an additional 966 shares during the last quarter. LRI Investments LLC acquired a new stake in Cummins in the 1st quarter valued at about $31,000. Swedbank AB acquired a new stake in Cummins in the 1st quarter valued at about $44,489,000. Finally, Cetera Investment Advisers lifted its holdings in Cummins by 394.8% in the 1st quarter. Cetera Investment Advisers now owns 55,046 shares of the company’s stock valued at $16,220,000 after acquiring an additional 43,921 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CMI shares. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $337.67.

Cummins Trading Down 1.7 %

Shares of NYSE CMI opened at $370.79 on Thursday. The stock has a market cap of $50.86 billion, a price-to-earnings ratio of 24.49, a PEG ratio of 1.82 and a beta of 0.97. The business has a 50 day simple moving average of $340.19 and a 200 day simple moving average of $306.22. Cummins Inc. has a 52 week low of $222.75 and a 52 week high of $379.66. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.73 EPS. On average, research analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.96%. Cummins’s payout ratio is 48.08%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by corporate insiders.

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.