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

Avestar Capital LLC grew its position in Cummins Inc. (NYSE:CMI) by 3.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 987 shares of the company’s stock after purchasing an additional 31 shares during the period. Avestar Capital LLC’s holdings in Cummins were worth $344,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Exchange Traded Concepts LLC grew its holdings in Cummins by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 408 shares of the company’s stock worth $132,000 after acquiring an additional 227 shares during the period. Creative Planning grew its holdings in Cummins by 0.3% during the third quarter. Creative Planning now owns 60,996 shares of the company’s stock worth $19,750,000 after acquiring an additional 203 shares during the period. Global Retirement Partners LLC grew its holdings in Cummins by 7.2% during the third quarter. Global Retirement Partners LLC now owns 3,093 shares of the company’s stock worth $1,001,000 after acquiring an additional 209 shares during the period. Cardinal Capital Management grew its holdings in Cummins by 0.7% during the third quarter. Cardinal Capital Management now owns 20,899 shares of the company’s stock worth $6,767,000 after acquiring an additional 135 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Cummins by 3.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,316 shares of the company’s stock worth $4,635,000 after acquiring an additional 474 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE CMI opened at $373.71 on Friday. The company has a market cap of $51.38 billion, a PE ratio of 13.27, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00. The stock’s 50 day simple moving average is $361.20 and its 200-day simple moving average is $338.14. Cummins Inc. has a 1-year low of $259.06 and a 1-year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79.

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

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

CMI has been the topic of several analyst reports. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Jefferies Financial Group increased their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $294.00 to $408.00 in a research report on Wednesday, November 13th. Robert W. Baird increased their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Finally, Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $383.08.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction that occurred 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 transaction, the vice president now 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.56% of the stock is currently owned by company 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.