Peddock Capital Advisors LLC Purchases 116 Shares of Cummins Inc. (NYSE:CMI)

Peddock Capital Advisors LLC grew its position in Cummins Inc. (NYSE:CMI) by 1.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,029 shares of the company’s stock after acquiring an additional 116 shares during the period. Peddock Capital Advisors LLC’s holdings in Cummins were worth $1,923,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Balentine LLC increased its position in Cummins by 3.3% during the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after buying an additional 127 shares during the last quarter. Sequoia Financial Advisors LLC increased its holdings in shares of Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after acquiring an additional 3,866 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new position in shares of Cummins during the 3rd quarter worth approximately $9,048,000. Capital Advisors Inc. OK bought a new stake in Cummins in the 4th quarter valued at $24,915,000. Finally, SG Americas Securities LLC lifted its holdings in Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock valued at $5,817,000 after purchasing an additional 16,869 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $243.00 to $225.00 in a research report on Friday, January 19th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Truist Financial boosted their price objective on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a report on Friday, May 3rd. The Goldman Sachs Group increased their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, TD Cowen lifted their price objective on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $282.55.

Cummins Price Performance

Shares of CMI traded up $1.59 during mid-day trading on Wednesday, reaching $288.50. The company had a trading volume of 226,632 shares, compared to its average volume of 2,527,535. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company has a market capitalization of $39.46 billion, a price-to-earnings ratio of 21.02, a P/E/G ratio of 1.90 and a beta of 1.04. The company’s 50 day simple moving average is $286.11 and its 200 day simple moving average is $253.84.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.52 earnings per share. Analysts expect that Cummins Inc. will post 18.45 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 annualized dividend and a dividend yield of 2.33%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Activity

In related news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the sale, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at $720,123.18. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated 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 transaction, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last quarter. Insiders own 0.56% of the company’s stock.

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.