Symphony Financial Ltd. Co. Has $1.65 Million Position in Cummins Inc. (NYSE:CMI)

Symphony Financial Ltd. Co. increased its position in shares of Cummins Inc. (NYSE:CMI) by 18.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,069 shares of the company’s stock after buying an additional 778 shares during the quarter. Symphony Financial Ltd. Co.’s holdings in Cummins were worth $1,653,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CMI. Global Assets Advisory LLC acquired a new stake in Cummins during the first quarter worth about $4,513,000. Annex Advisory Services LLC acquired a new stake in Cummins during the first quarter valued at approximately $262,000. Columbus Macro LLC boosted its holdings in Cummins by 222.8% during the first quarter. Columbus Macro LLC now owns 2,828 shares of the company’s stock valued at $833,000 after purchasing an additional 1,952 shares in the last quarter. First Financial Corp IN boosted its holdings in Cummins by 78.5% during the first quarter. First Financial Corp IN now owns 373 shares of the company’s stock valued at $110,000 after purchasing an additional 164 shares in the last quarter. Finally, Thompson Investment Management Inc. acquired a new stake in Cummins during the first quarter valued at approximately $47,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent research reports. Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. lifted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Citigroup lifted their target price on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Robert W. Baird lifted 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. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $311.55.

Cummins Stock Performance

Shares of Cummins stock opened at $330.76 on Wednesday. The firm has a fifty day moving average of $314.29 and a two-hundred day moving average of $295.33. The stock has a market capitalization of $45.24 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $340.82. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last issued its 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 company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.18 EPS. As a group, equities research analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 53.29%.

Insider Activity

In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were 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 directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

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.