1,613 Shares in Cummins Inc. $CMI Purchased by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 1,613 shares of the company’s stock, valued at approximately $1,150,000.

Other institutional investors also recently bought and sold shares of the company. Cedar Mountain Advisors LLC lifted its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in Cummins in the 2nd quarter valued at $26,000. Wellington Shields Capital Management LLC purchased a new position in Cummins in the 4th quarter valued at $27,000. Key Financial Inc boosted its stake in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. purchased a new stake in shares of Cummins during the fourth quarter worth $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. Citigroup boosted their price objective on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Barclays lifted their price objective on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Trading Down 0.0%

CMI opened at $564.61 on Monday. The business has a fifty day moving average price of $647.45 and a 200 day moving average price of $628.09. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The stock has a market capitalization of $77.72 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 1.35 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the previous year, the business posted $6.43 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, August 21st. Cummins’s payout ratio is presently 44.97%.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.30% of the stock is owned by company insiders.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.