Cummins Inc. (NYSE:CMI) Shares Purchased by Pathway Financial Advisers LLC

Pathway Financial Advisers LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 31,489.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,531,869 shares of the company’s stock after purchasing an additional 2,523,854 shares during the period. Cummins comprises approximately 8.1% of Pathway Financial Advisers LLC’s investment portfolio, making the stock its 4th biggest position. Pathway Financial Advisers LLC owned approximately 1.85% of Cummins worth $819,794,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Cultivar Capital Inc. bought a new position in shares of Cummins in the 2nd quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the 2nd quarter worth approximately $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC bought a new position in Cummins during the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new stake in Cummins in the third quarter worth $34,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on CMI shares. Citigroup increased their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Truist Financial upped their price objective on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Finally, Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $311.55.

Cummins Stock Performance

Shares of Cummins stock opened at $331.21 on Wednesday. The business’s fifty day simple moving average is $317.53 and its 200 day simple moving average is $296.39. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $340.82. The firm has a market capitalization of $45.30 billion, a P/E ratio of 24.25, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the business posted $5.18 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. Cummins’s payout ratio is currently 53.29%.

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.