Curi RMB Capital LLC Makes New Investment in Cummins Inc. (NYSE:CMI)

Curi RMB Capital LLC acquired a new position in Cummins Inc. (NYSE:CMI) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 751 shares of the company’s stock, valued at approximately $243,000.

Several other large investors have also added to or reduced their stakes in the business. Main Street Financial Solutions LLC lifted its position in Cummins by 38.0% during the 3rd quarter. Main Street Financial Solutions LLC now owns 1,879 shares of the company’s stock worth $608,000 after buying an additional 517 shares in the last quarter. Haverford Trust Co raised its holdings in Cummins by 6.2% during the third quarter. Haverford Trust Co now owns 1,740 shares of the company’s stock worth $563,000 after acquiring an additional 102 shares in the last quarter. Victory Capital Management Inc. boosted its position in Cummins by 25.4% during the third quarter. Victory Capital Management Inc. now owns 217,689 shares of the company’s stock valued at $70,486,000 after purchasing an additional 44,027 shares during the last quarter. Delta Financial Advisors LLC grew its stake in Cummins by 8.9% in the third quarter. Delta Financial Advisors LLC now owns 6,425 shares of the company’s stock valued at $2,080,000 after purchasing an additional 526 shares in the last quarter. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Cummins during the 3rd quarter worth approximately $55,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $361.85 on Friday. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm’s 50-day simple moving average is $328.91 and its 200 day simple moving average is $301.51. The firm has a market cap of $49.64 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the firm earned $4.73 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 20.61 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given 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 2.01%. Cummins’s payout ratio is 48.08%.

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on 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 sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 23.85 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,540,879.47. This represents a 9.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CMI shares. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Citigroup upped their target price on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $294.00 to $408.00 in a research report on Wednesday. Finally, JPMorgan Chase & Co. raised their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $334.33.

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.