Covenant Partners LLC Has $376,000 Holdings in Cummins Inc. (NYSE:CMI)

Covenant Partners LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 18.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,162 shares of the company’s stock after buying an additional 182 shares during the period. Covenant Partners LLC’s holdings in Cummins were worth $376,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins in the second quarter worth about $28,000. Cultivar Capital Inc. bought a new position in Cummins in the 2nd quarter valued at $28,000. Lynx Investment Advisory acquired a new stake in shares of Cummins in the 2nd quarter valued at $29,000. LRI Investments LLC bought a new stake in shares of Cummins during the first quarter worth $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in shares of Cummins during the third quarter valued at $34,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was 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 approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on 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 completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $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 insiders.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Evercore ISI boosted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Truist Financial increased their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Citigroup lifted their target price on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Barclays raised their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $311.55.

Cummins Stock Down 1.0 %

Shares of Cummins stock traded down $3.31 on Friday, hitting $329.17. The company had a trading volume of 604,435 shares, compared to its average volume of 1,539,366. The firm has a market capitalization of $45.02 billion, a P/E ratio of 24.10, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $340.82. The stock has a 50-day moving average of $316.25 and a 200-day moving average of $296.02. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last issued its quarterly 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. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period in the previous year, the company posted $5.18 earnings per share. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 19.77 earnings per share for the current 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 given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is presently 53.29%.

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.