Townsend & Associates Inc Acquires 25,326 Shares of Cummins Inc. (NYSE:CMI)

Townsend & Associates Inc grew its holdings in Cummins Inc. (NYSE:CMI) by 72.4% in the 4th quarter, HoldingsChannel reports. The firm owned 60,301 shares of the company’s stock after buying an additional 25,326 shares during the quarter. Cummins comprises approximately 1.8% of Townsend & Associates Inc’s holdings, making the stock its 21st largest holding. Townsend & Associates Inc’s holdings in Cummins were worth $14,219,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the business. OFI Invest Asset Management bought a new position in Cummins in the third quarter worth approximately $25,000. Silver Oak Securities Incorporated purchased a new stake in shares of Cummins during the 3rd quarter worth $28,000. DiNuzzo Private Wealth Inc. bought a new stake in Cummins during the fourth quarter valued at about $31,000. Pacific Capital Wealth Advisors Inc. purchased a new position in Cummins in the fourth quarter valued at about $39,000. Finally, Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Cummins during the third quarter valued at about $39,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI traded up $4.74 during mid-day trading on Thursday, reaching $293.80. The company had a trading volume of 200,890 shares, compared to its average volume of 2,507,466. The stock has a 50 day moving average of $286.11 and a two-hundred day moving average of $253.84. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $40.19 billion, a P/E ratio of 21.49, a PEG ratio of 1.90 and a beta of 1.04. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24.

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

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.29%. Cummins’s dividend payout ratio is presently 49.19%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. The Goldman Sachs Group boosted their price objective on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday. Citigroup boosted their target price on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Truist Financial increased their price objective on shares of Cummins from $303.00 to $319.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Finally, Bank of America cut Cummins from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $282.55.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s 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 sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 55,169 shares of company stock valued at $14,689,855. Corporate 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.