Concord Wealth Partners purchased a new position in shares of Cummins Inc. (NYSE:CMI – Get Rating) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 381 shares of the company’s stock, valued at approximately $92,000.
Other institutional investors also recently bought and sold shares of the company. West Financial Advisors LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at about $26,000. Exchange Traded Concepts LLC lifted its holdings in shares of Cummins by 588.2% in the 4th quarter. Exchange Traded Concepts LLC now owns 117 shares of the company’s stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Stonebridge Capital Advisors LLC lifted its holdings in shares of Cummins by 64.0% in the 3rd quarter. Stonebridge Capital Advisors LLC now owns 164 shares of the company’s stock valued at $33,000 after purchasing an additional 64 shares during the last quarter. Ten Capital Wealth Advisors LLC purchased a new stake in shares of Cummins in the 3rd quarter valued at about $35,000. Finally, Castle Wealth Management LLC lifted its holdings in shares of Cummins by 125.0% in the 3rd quarter. Castle Wealth Management LLC now owns 180 shares of the company’s stock valued at $37,000 after purchasing an additional 100 shares during the last quarter. 80.94% of the stock is owned by hedge funds and other institutional investors.
Cummins Stock Performance
NYSE CMI opened at $232.82 on Thursday. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $241.31 and its two-hundred day moving average is $239.22. Cummins Inc. has a 12-month low of $184.27 and a 12-month high of $261.91. The stock has a market capitalization of $32.95 billion, a price-to-earnings ratio of 15.41, a PEG ratio of 1.28 and a beta of 1.00.
Cummins Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 9th. Investors of record on Friday, February 24th were issued a dividend of $1.57 per share. This represents a $6.28 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date was Thursday, February 23rd. Cummins’s dividend payout ratio is currently 41.56%.
Wall Street Analysts Forecast Growth
CMI has been the subject of several analyst reports. StockNews.com initiated coverage on Cummins in a research note on Thursday, March 16th. They set a “buy” rating for the company. Morgan Stanley reduced their price objective on Cummins from $264.00 to $262.00 and set an “equal weight” rating for the company in a research note on Friday, January 20th. Deutsche Bank Aktiengesellschaft reduced their price objective on Cummins from $231.00 to $227.00 in a research note on Wednesday. UBS Group upped their price objective on Cummins from $247.00 to $260.00 and gave the company a “neutral” rating in a research note on Thursday, February 16th. Finally, Credit Suisse Group upped their price objective on Cummins from $287.00 to $291.00 and gave the company an “outperform” rating in a research note on Tuesday, February 7th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $254.25.
Insider Buying and Selling
In related news, VP Sharon R. Barner sold 5,929 shares of the business’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $257.13, for a total transaction of $1,524,523.77. Following the sale, the vice president now owns 16,144 shares of the company’s stock, valued at $4,151,106.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Cummins news, VP Walter J. Fier sold 3,307 shares of Cummins stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $252.99, for a total transaction of $836,637.93. Following the completion of the transaction, the vice president now owns 8,090 shares in the company, valued at $2,046,689.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 5,929 shares of Cummins stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $257.13, for a total transaction of $1,524,523.77. Following the transaction, the vice president now owns 16,144 shares of the company’s stock, valued at approximately $4,151,106.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,709 shares of company stock valued at $4,245,545. Corporate insiders own 1.05% of the company’s stock.
Cummins Company Profile
Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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