REAP Financial Group LLC Purchases 49 Shares of Cummins Inc. $CMI

REAP Financial Group LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 37.7% in the second quarter, HoldingsChannel reports. The firm owned 179 shares of the company’s stock after purchasing an additional 49 shares during the quarter. REAP Financial Group LLC’s holdings in Cummins were worth $59,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new position in Cummins during the first quarter worth $30,000. Accredited Wealth Management LLC bought a new position in Cummins during the first quarter worth $31,000. Opal Wealth Advisors LLC bought a new position in Cummins during the first quarter worth $37,000. Richardson Financial Services Inc. bought a new position in Cummins during the first quarter worth $39,000. Finally, Costello Asset Management INC bought a new position in Cummins during the first quarter worth $40,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Up 0.5%

CMI stock opened at $436.53 on Thursday. The company has a market cap of $60.15 billion, a PE ratio of 20.52, a price-to-earnings-growth ratio of 2.10 and a beta of 1.04. The business has a 50-day simple moving average of $404.89 and a 200 day simple moving average of $348.14. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.26 earnings per share. Sell-side analysts anticipate 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 paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s payout ratio is presently 37.61%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a report on Saturday, September 27th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Finally, Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $397.43.

Insiders Place Their Bets

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock valued at $17,674,285 over the last 90 days. 0.41% of the stock is owned by company insiders.

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.