C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Acquires New Stake in Cummins Inc. (NYSE:CMI)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Cummins Inc. (NYSE:CMI) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 12,900 shares of the company’s stock, valued at approximately $4,497,000.

Several other large investors have also recently modified their holdings of the stock. PFG Investments LLC increased its stake in Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares in the last quarter. Mariner Investment Group LLC purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC bought a new stake in shares of Cummins during the third quarter valued at approximately $748,000. Franklin Resources Inc. raised its holdings in Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after acquiring an additional 99,464 shares during the last quarter. Finally, Dupree Financial Group LLC bought a new position in Cummins in the 3rd quarter valued at approximately $3,925,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of research analyst reports. Robert W. Baird lifted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $383.08.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.56% of the stock is owned by insiders.

Cummins Price Performance

NYSE:CMI opened at $364.08 on Thursday. The firm has a market capitalization of $49.94 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The business has a 50 day simple moving average of $361.68 and a 200-day simple moving average of $337.74. Cummins Inc. has a 1 year low of $250.90 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the firm earned $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

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.