Portside Wealth Group LLC Raises Stake in Cummins Inc. (NYSE:CMI)

Portside Wealth Group LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 12.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 894 shares of the company’s stock after buying an additional 101 shares during the period. Portside Wealth Group LLC’s holdings in Cummins were worth $248,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Albert D Mason Inc. raised its stake in shares of Cummins by 0.4% in the 1st quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock valued at $2,728,000 after acquiring an additional 37 shares during the period. Greenleaf Trust increased its holdings in Cummins by 0.5% in the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after purchasing an additional 40 shares in the last quarter. Bangor Savings Bank raised its position in Cummins by 39.2% in the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after purchasing an additional 40 shares during the period. Patrick M Sweeney & Associates Inc. lifted its stake in shares of Cummins by 2.4% during the first quarter. Patrick M Sweeney & Associates Inc. now owns 1,956 shares of the company’s stock worth $576,000 after purchasing an additional 46 shares in the last quarter. Finally, First Pacific Financial boosted its position in shares of Cummins by 1.2% in the first quarter. First Pacific Financial now owns 3,823 shares of the company’s stock worth $1,127,000 after buying an additional 47 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the topic of several recent research reports. Raymond James began coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Truist Financial lifted their price target on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and an average target price of $295.00.

Insiders Place Their Bets

In other Cummins news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In related news, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Marvin Boakye purchased 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The shares were purchased at an average cost of $286.04 per share, with a total value of $499,139.80. Following the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of CMI stock opened at $301.65 on Friday. The stock has a market capitalization of $41.26 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 1.93 and a beta of 0.99. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company’s 50-day simple moving average is $283.32 and its 200-day simple moving average is $280.63. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34.

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 the consensus estimate of $8.33 billion. During the same quarter last year, the business posted $5.18 EPS. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.41%. Cummins’s payout ratio is presently 53.29%.

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.