Citizens Financial Group Inc. RI Buys 450 Shares of Cummins Inc. (NYSE:CMI)

Citizens Financial Group Inc. RI increased its stake in Cummins Inc. (NYSE:CMI) by 1.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,811 shares of the company’s stock after acquiring an additional 450 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Cummins were worth $8,533,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new position in shares of Cummins during the second quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the second quarter valued at approximately $29,000. LRI Investments LLC acquired a new position in shares of Cummins during the first quarter worth approximately $31,000. Finally, JNBA Financial Advisors raised its position in shares of Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

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

Analysts Set New Price Targets

A number of brokerages have commented on CMI. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Truist Financial upped their target price on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Raymond James started coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. JPMorgan Chase & Co. raised their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $299.55.

Cummins Stock Performance

Shares of CMI stock opened at $302.13 on Monday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The firm has a market cap of $41.41 billion, a price-to-earnings ratio of 22.12, a P/E/G ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The firm’s 50-day simple moving average is $294.86 and its two-hundred day simple moving average is $287.28.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter in the previous year, the firm posted $5.18 EPS. Cummins’s revenue was up 2.3% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.41%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is 53.29%.

Cummins Company 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.