Peloton Wealth Strategists Cuts Position in Cummins Inc. (NYSE:CMI)

Peloton Wealth Strategists reduced its holdings in Cummins Inc. (NYSE:CMI) by 0.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,075 shares of the company’s stock after selling 100 shares during the period. Cummins comprises 1.5% of Peloton Wealth Strategists’ holdings, making the stock its 28th largest position. Peloton Wealth Strategists’ holdings in Cummins were worth $3,451,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Avion Wealth raised its position in Cummins by 1,571.4% during the second quarter. Avion Wealth now owns 117 shares of the company’s stock worth $27,000 after acquiring an additional 110 shares during the period. Steward Financial Group LLC purchased a new position in Cummins in the 2nd quarter worth approximately $27,000. Hexagon Capital Partners LLC grew its position in shares of Cummins by 89.6% in the second quarter. Hexagon Capital Partners LLC now owns 127 shares of the company’s stock valued at $31,000 after purchasing an additional 60 shares in the last quarter. Quarry LP purchased a new stake in Cummins in the 1st quarter valued at $32,000. Finally, Nemes Rush Group LLC purchased a new stake in shares of Cummins in the second quarter valued at about $34,000. 81.81% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

CMI stock traded down $0.95 during trading on Monday, hitting $224.55. The company had a trading volume of 36,450 shares, compared to its average volume of 921,616. The company has a quick ratio of 0.90, a current ratio of 1.43 and a debt-to-equity ratio of 0.42. The firm has a market cap of $31.83 billion, a PE ratio of 11.49, a price-to-earnings-growth ratio of 1.17 and a beta of 1.07. The firm has a 50-day moving average price of $225.47 and a 200-day moving average price of $231.57. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $265.28.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Friday, November 24th will be issued a $1.68 dividend. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.99%. Cummins’s dividend payout ratio is currently 34.25%.

Analysts Set New Price Targets

A number of research firms have commented on CMI. StockNews.com initiated coverage on Cummins in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. The Goldman Sachs Group boosted their price target on shares of Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. Bank of America reduced their price objective on Cummins from $273.00 to $264.00 in a research note on Wednesday, October 11th. Credit Suisse Group decreased their price objective on Cummins from $290.00 to $288.00 and set an “outperform” rating for the company in a research note on Friday, August 4th. Finally, JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $270.00 to $255.00 in a report on Monday, October 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $264.50.

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 New Power. 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 new parts and services, as well as remanufactured parts and engines.