Dupree Financial Group LLC Has $7.28 Million Stake in Cummins Inc. $CMI

Key Points

• Dupree Financial Group LLC has increased its stake in Cummins Inc. by 81.6%, holding a total of 22,226 shares valued at approximately $7.28 million, making Cummins the firm's 10th largest position.
• A series of analysts upgraded Cummins' stock ratings recently, with Barclays raising its price target from $387 to $430 and Zacks Research upgrading it from "hold" to "strong-buy".
• Cummins announced a quarterly dividend of $2.00 per share, which equates to an annualized dividend of $8.00 and a yield of 1.9%, with an ex-dividend date set for November 21st.

Dupree Financial Group LLC increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 81.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,226 shares of the company's stock after acquiring an additional 9,987 shares during the quarter. Cummins comprises about 2.9% of Dupree Financial Group LLC's investment portfolio, making the stock its 10th largest position. Dupree Financial Group LLC's holdings in Cummins were worth $7,279,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Olde Wealth Management LLC acquired a new position in Cummins during the 1st quarter valued at about $30,000. Accredited Wealth Management LLC bought a new stake in shares of Cummins during the first quarter worth approximately $31,000. Richardson Financial Services Inc. acquired a new position in Cummins in the first quarter valued at approximately $39,000. Costello Asset Management INC bought a new position in Cummins in the first quarter valued at approximately $40,000. Finally, Wealth Preservation Advisors LLC bought a new position in Cummins in the first quarter valued at approximately $41,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Barclays increased their price target on Cummins from $387.00 to $430.00 and gave the company an "equal weight" rating in a research note on Monday. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Zacks Research upgraded Cummins from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 8th. Melius raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a "neutral" rating in a research note on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Cummins presently has an average rating of "Moderate Buy" and an average target price of $410.50.

Cummins Trading Up 0.6%

NYSE CMI opened at $414.13 on Tuesday. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a market cap of $57.06 billion, a P/E ratio of 19.47, a P/E/G ratio of 1.99 and a beta of 1.04. The stock's 50-day moving average is $411.61 and its 200-day moving average is $354.33.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.26 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the sale, the chief financial officer owned 31,582 shares of the company's stock, valued at $13,873,972.60. This trade represents a 20.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock worth $17,674,285 in the last ninety days. 0.41% of the stock is owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.