Richard C. Young & CO. LTD. Buys 671 Shares of Cummins Inc. (NYSE:CMI)

Richard C. Young & CO. LTD. boosted its position in shares of Cummins Inc. (NYSE:CMI) by 1.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,608 shares of the company’s stock after buying an additional 671 shares during the period. Richard C. Young & CO. LTD.’s holdings in Cummins were worth $12,177,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the 2nd quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins during the second quarter worth about $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins in the second quarter worth approximately $29,000. LRI Investments LLC bought a new stake in Cummins in the first quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins during the 3rd quarter worth approximately $34,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following 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 23.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. The trade was a 9.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,576 shares of company stock worth $9,033,945 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $361.85 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a fifty day moving average of $328.91 and a 200 day moving average of $301.77. The firm has a market capitalization of $49.64 billion, a price-to-earnings ratio of 23.90, a PEG ratio of 1.77 and a beta of 0.97. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. During the same period last year, the business posted $4.73 earnings per share. As a group, research analysts expect that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Citigroup raised their target price on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Robert W. Baird lifted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $334.33.

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.