Farther Finance Advisors LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

Farther Finance Advisors LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 13.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,467 shares of the company’s stock after purchasing an additional 288 shares during the period. Farther Finance Advisors LLC’s holdings in Cummins were worth $799,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its stake in shares of Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Pathway Financial Advisers LLC increased its stake in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after buying an additional 26,977 shares in the last quarter. Legal & General Group Plc increased its stake in Cummins by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after buying an additional 31,190 shares in the last quarter. Finally, Marshfield Associates increased its stake in Cummins by 0.3% in the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after buying an additional 3,076 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Cummins stock opened at $325.62 on Tuesday. The company has a 50 day moving average price of $319.24 and a 200-day moving average price of $297.39. 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 Inc. has a fifty-two week low of $214.57 and a fifty-two week high of $340.82. The company has a market capitalization of $44.63 billion, a PE ratio of 23.48, a P/E/G ratio of 1.88 and a beta of 0.97.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is presently 52.49%.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup increased their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI increased their price target on 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 target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Barclays raised their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Robert W. Baird raised their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $311.55.

About Cummins

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.