Essex Financial Services Inc. Has $1.25 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Essex Financial Services Inc. increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.9% during the 4th quarter, Holdings Channel reports. The institutional investor owned 5,212 shares of the company’s stock after acquiring an additional 98 shares during the quarter. Essex Financial Services Inc.’s holdings in Cummins were worth $1,249,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC lifted its position in shares of Cummins by 3.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 73,439 shares of the company’s stock worth $16,778,000 after purchasing an additional 2,377 shares during the period. Cambridge Investment Research Advisors Inc. increased its stake in shares of Cummins by 4.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,204 shares of the company’s stock valued at $7,586,000 after acquiring an additional 1,501 shares in the last quarter. Tectonic Advisors LLC increased its stake in shares of Cummins by 8.1% in the 3rd quarter. Tectonic Advisors LLC now owns 2,530 shares of the company’s stock valued at $578,000 after acquiring an additional 189 shares in the last quarter. FinTrust Capital Advisors LLC increased its stake in shares of Cummins by 30.8% in the 3rd quarter. FinTrust Capital Advisors LLC now owns 263 shares of the company’s stock valued at $60,000 after acquiring an additional 62 shares in the last quarter. Finally, Raymond James & Associates increased its stake in shares of Cummins by 4.3% in the 3rd quarter. Raymond James & Associates now owns 257,730 shares of the company’s stock valued at $58,881,000 after acquiring an additional 10,529 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 over the last three months. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CMI shares. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Truist Financial started coverage on shares of Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price target for the company. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Finally, Evercore ISI boosted their price target on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $279.70.

Cummins Price Performance

Shares of NYSE:CMI opened at $283.85 on Thursday. The company’s 50-day moving average is $284.71 and its 200 day moving average is $251.99. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The company has a market capitalization of $38.82 billion, a P/E ratio of 54.80, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. Cummins’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the company earned $4.52 earnings per share. On average, equities research analysts forecast that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

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.