Patrick M Sweeney & Associates Inc. Purchases Shares of 1,910 Cummins Inc. (NYSE:CMI)

Patrick M Sweeney & Associates Inc. acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,910 shares of the company’s stock, valued at approximately $458,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Balentine LLC grew its position in Cummins by 3.3% during the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after purchasing an additional 127 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after acquiring an additional 3,866 shares during the period. Allen Mooney & Barnes Investment Advisors LLC purchased a new stake in Cummins during the 3rd quarter valued at about $9,048,000. Capital Advisors Inc. OK purchased a new position in shares of Cummins in the fourth quarter worth about $24,915,000. Finally, SG Americas Securities LLC raised its position in Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after buying an additional 16,869 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on CMI. The Goldman Sachs Group upped their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Evercore ISI increased their price objective on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research report on Tuesday, February 20th. TheStreet lowered Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Finally, Truist Financial raised their price target on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $282.55.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Jennifer Rumsey sold 739 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares in the company, valued at approximately $720,123.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. Insiders have sold a total of 55,169 shares of company stock valued at $14,689,855 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Up 0.7 %

CMI traded up $2.15 during trading hours on Wednesday, reaching $289.06. 593,206 shares of the stock traded hands, compared to its average volume of 2,531,815. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The firm’s fifty day simple moving average is $286.11 and its two-hundred day simple moving average is $253.84. The company has a market cap of $39.54 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 1.90 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the firm earned $4.52 earnings per share. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 18.45 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.32%. Cummins’s dividend payout ratio (DPR) is 49.19%.

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.