Sierra Summit Advisors LLC Has $1.42 Million Holdings in Cummins Inc. (NYSE:CMI)

Sierra Summit Advisors LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 12.1% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,136 shares of the company’s stock after purchasing an additional 553 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Cummins were worth $1,422,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new position in Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter valued at $29,000. LRI Investments LLC acquired a new stake in shares of Cummins during the 1st quarter worth $31,000. Finally, JNBA Financial Advisors increased its position in shares of Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.6 %

NYSE:CMI opened at $302.13 on Monday. The firm has a fifty day simple moving average of $294.86 and a two-hundred day simple moving average of $287.28. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83. The stock has a market capitalization of $41.41 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 1.70 and a beta of 0.98. 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 issued its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company posted $5.18 EPS. Analysts expect that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. 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. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 53.29%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CMI shares. Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup started coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Finally, Evercore ISI upped their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Two investment 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 data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $299.55.

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.