Sierra Summit Advisors LLC Purchases 553 Shares of Cummins Inc. (NYSE:CMI)

Sierra Summit Advisors LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 12.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 5,136 shares of the company’s stock after buying an additional 553 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Cummins were worth $1,422,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new stake in shares of Cummins during the second quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the 2nd quarter valued at $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter worth $29,000. LRI Investments LLC purchased a new position in shares of Cummins in the 1st quarter worth about $31,000. Finally, JNBA Financial Advisors boosted its holdings in shares of Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research analyst reports. Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Raymond James assumed coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. JPMorgan Chase & Co. boosted their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. Finally, Truist Financial boosted their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $299.55.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’s 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 in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

CMI stock opened at $302.13 on Monday. The firm has a 50 day moving average of $294.86 and a 200-day moving average of $287.28. The firm has a market capitalization of $41.41 billion, a P/E ratio of 22.12, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $5.18 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

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

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.