Leavell Investment Management Inc. Buys Shares of 685 Cummins Inc. (NYSE:CMI)

Leavell Investment Management Inc. acquired a new position in Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 685 shares of the company’s stock, valued at approximately $222,000.

Several other hedge funds also recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new stake in Cummins in the second quarter worth $28,000. Lynx Investment Advisory bought a new position in shares of Cummins in the 2nd quarter worth about $29,000. LRI Investments LLC purchased a new stake in Cummins in the first quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new position in Cummins during the third quarter valued at $34,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI stock opened at $358.43 on Tuesday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.82 and a current ratio of 1.32. The firm’s 50 day moving average price is $322.99 and its 200-day moving average price is $299.21. Cummins Inc. has a one year low of $216.91 and a one year high of $370.21. The firm has a market cap of $49.17 billion, a P/E ratio of 23.67, a P/E/G ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the company posted $4.73 earnings per share. The business’s revenue for the quarter was up .3% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 20.32 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.03%. Cummins’s dividend payout ratio (DPR) is 48.08%.

Analyst Ratings Changes

CMI has been the topic of a number of research analyst reports. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Evercore ISI raised their price objective 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. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Truist Financial increased their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $324.83.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was 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 owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This 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 company insiders.

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.