1,260 Shares in Cummins Inc. $CMI Purchased by Seamount Financial Group Inc.

Seamount Financial Group Inc. bought a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,260 shares of the company’s stock, valued at approximately $413,000.

Several other hedge funds also recently modified their holdings of CMI. Olde Wealth Management LLC acquired a new stake in Cummins during the first quarter worth approximately $30,000. Accredited Wealth Management LLC acquired a new position in Cummins in the 1st quarter valued at $31,000. Opal Wealth Advisors LLC purchased a new position in shares of Cummins during the 1st quarter worth $37,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins during the first quarter worth $39,000. Finally, Costello Asset Management INC purchased a new stake in shares of Cummins in the first quarter valued at $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 1.6%

Shares of CMI opened at $439.66 on Tuesday. The company has a market capitalization of $60.58 billion, a P/E ratio of 20.67, a P/E/G ratio of 2.09 and a beta of 1.04. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The stock has a 50-day moving average price of $402.11 and a 200 day moving average price of $346.92.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the business earned $5.26 EPS. Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s dividend payout ratio is currently 37.61%.

Insider Transactions at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the sale, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 over the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CMI. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Finally, Barclays increased their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $393.57.

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.