SevenBridge Financial Group LLC Purchases 304 Shares of Cummins Inc. (NYSE:CMI)

SevenBridge Financial Group LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 7.3% in the 3rd quarter, Holdings Channel reports. The fund owned 4,449 shares of the company’s stock after buying an additional 304 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Cummins were worth $1,595,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the second quarter worth about $28,000. Cultivar Capital Inc. bought a new position in Cummins in the 2nd quarter worth approximately $28,000. Lynx Investment Advisory purchased a new position in Cummins in the 2nd quarter valued at approximately $29,000. LRI Investments LLC bought a new stake in Cummins during the 1st quarter valued at $31,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the third quarter worth $32,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.5 %

NYSE CMI opened at $372.62 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock’s 50-day simple moving average is $335.78 and its two-hundred day simple moving average is $304.53. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $373.35. The company has a market capitalization of $51.12 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 1.79 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period last year, the firm posted $4.73 EPS. Research analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. 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 1.95%. Cummins’s dividend payout ratio (DPR) is 48.08%.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of several recent research reports. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Citigroup lifted their target price on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird increased their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. upped their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $337.67.

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.