Cummins Inc. (NYSE:CMI) Shares Purchased by Wallington Asset Management LLC

Wallington Asset Management LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,207 shares of the company’s stock after purchasing an additional 1,950 shares during the period. Cummins accounts for 1.5% of Wallington Asset Management LLC’s investment portfolio, making the stock its 29th largest holding. Wallington Asset Management LLC’s holdings in Cummins were worth $11,076,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Chicago Capital LLC boosted its stake in Cummins by 0.9% during the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after purchasing an additional 30 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its stake in Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after purchasing an additional 35 shares during the period. EP Wealth Advisors LLC lifted its stake in shares of Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after acquiring an additional 35 shares during the period. Fidelis Capital Partners LLC lifted its stake in shares of Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares during the period. Finally, Bangor Savings Bank lifted its stake in shares of Cummins by 39.2% in the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after acquiring an additional 40 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $330.12 on Thursday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The firm has a 50-day moving average price of $315.05 and a two-hundred day moving average price of $295.57. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $340.82. The company has a market capitalization of $45.15 billion, a P/E ratio of 24.17, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period last year, the firm posted $5.18 EPS. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.21%. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Citigroup raised their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI raised their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Barclays raised their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $311.55.

About Cummins

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.