Advisory Services Network LLC Buys 5,249 Shares of Cummins Inc. $CMI

Advisory Services Network LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 32.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,470 shares of the company’s stock after purchasing an additional 5,249 shares during the period. Advisory Services Network LLC’s holdings in Cummins were worth $7,031,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Accredited Wealth Management LLC bought a new stake in shares of Cummins in the 1st quarter worth approximately $31,000. Osterweis Capital Management Inc. purchased a new stake in Cummins during the second quarter valued at about $31,000. Wealth Preservation Advisors LLC bought a new position in shares of Cummins during the first quarter valued at about $41,000. CNB Bank purchased a new position in shares of Cummins in the second quarter worth about $43,000. Finally, Flaharty Asset Management LLC bought a new stake in shares of Cummins in the 1st quarter valued at about $47,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In related news, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the transaction, the insider directly owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,581 shares of company stock worth $14,420,249 over the last 90 days. 0.41% of the stock is currently owned by insiders.

Cummins Stock Performance

Cummins stock opened at $510.11 on Monday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $526.50. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $70.42 billion, a P/E ratio of 26.47, a PEG ratio of 2.01 and a beta of 1.10. The stock’s 50 day moving average is $459.47 and its 200 day moving average is $400.93.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same period in the previous year, the company posted $5.86 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Truist Financial set a $628.00 target price on Cummins and gave the stock a “buy” rating in a research note on Monday, November 24th. Argus upped their price target on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a research report on Tuesday, November 25th. Finally, UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. Eleven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $482.87.

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.