Ingalls & Snyder LLC Takes Position in Cummins Inc. (NYSE:CMI)

Ingalls & Snyder LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the 3rd quarter, HoldingsChannel reports. The fund bought 648 shares of the company’s stock, valued at approximately $210,000.

Several other institutional investors also recently bought and sold shares of the company. Fisher Asset Management LLC boosted its stake in Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC boosted its stake in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after acquiring an additional 26,977 shares in the last quarter. Legal & General Group Plc boosted its stake in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after acquiring an additional 31,190 shares in the last quarter. Finally, FMR LLC boosted its stake in Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after acquiring an additional 9,245 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CMI. Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Citigroup raised their price target on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Finally, Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $337.67.

Cummins Trading Up 0.7 %

Shares of Cummins stock opened at $378.31 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The firm has a fifty day moving average price of $346.31 and a 200 day moving average price of $309.20. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $379.66. The stock has a market cap of $51.90 billion, a PE ratio of 24.99, a price-to-earnings-growth ratio of 1.83 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the company posted $4.73 earnings per share. Equities research analysts predict that Cummins Inc. will post 20.75 earnings per share for the current 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 given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.92%. Cummins’s dividend payout ratio is presently 48.08%.

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.