Adell Harriman & Carpenter Inc. Grows Stock Holdings in Cummins Inc. (NYSE:CMI)

Adell Harriman & Carpenter Inc. boosted its position in Cummins Inc. (NYSE:CMI) by 2.7% in the 4th quarter, Holdings Channel reports. The fund owned 12,750 shares of the company’s stock after purchasing an additional 335 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Cummins were worth $3,055,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Bison Wealth LLC boosted its holdings in shares of Cummins by 3.6% in the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock valued at $293,000 after purchasing an additional 42 shares during the last quarter. KB Financial Partners LLC lifted its holdings in shares of Cummins by 1.3% during the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after acquiring an additional 45 shares in the last quarter. Edmp Inc. lifted its holdings in shares of Cummins by 0.8% during the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after acquiring an additional 46 shares in the last quarter. Ledge Wealth Management Inc. lifted its holdings in shares of Cummins by 0.5% during the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock valued at $2,165,000 after acquiring an additional 48 shares in the last quarter. Finally, Peloton Wealth Strategists lifted its holdings in shares of Cummins by 0.4% during the 3rd quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock valued at $3,227,000 after acquiring an additional 50 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the sale, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. In the last three months, insiders sold 51,289 shares of company stock valued at $13,576,838. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CMI. Morgan Stanley began coverage on shares of Cummins in a report on Monday, January 8th. They set an “overweight” rating and a $278.00 target price on the stock. TD Cowen lifted their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Truist Financial assumed coverage on shares of Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective on the stock. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Monday, April 22nd. Finally, TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $279.70.

Cummins Stock Performance

Shares of NYSE:CMI traded up $2.51 during trading on Monday, reaching $293.65. 474,175 shares of the company’s stock traded hands, compared to its average volume of 2,661,240. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The company has a 50 day moving average of $283.34 and a 200-day moving average of $250.92. The stock has a market capitalization of $40.16 billion, a P/E ratio of 56.44, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter last year, the company posted $4.52 EPS. Cummins’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 18.34 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

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.