Johanson Financial Advisors Inc. bought a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 219,260 shares of the company’s stock, valued at approximately $1,226,000. Johanson Financial Advisors Inc. owned approximately 0.14% of Cummins as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. IHT Wealth Management LLC increased its position in shares of Cummins by 2.1% during the 3rd quarter. IHT Wealth Management LLC now owns 2,718 shares of the company’s stock valued at $442,000 after purchasing an additional 55 shares during the period. Tiemann Investment Advisors LLC lifted its holdings in shares of Cummins by 1.8% in the third quarter. Tiemann Investment Advisors LLC now owns 3,245 shares of the company’s stock valued at $528,000 after buying an additional 58 shares during the period. RBA Wealth Management LLC lifted its holdings in shares of Cummins by 0.4% in the fourth quarter. RBA Wealth Management LLC now owns 17,627 shares of the company’s stock valued at $3,145,000 after buying an additional 63 shares during the period. Private Trust Co. NA lifted its holdings in shares of Cummins by 5.2% in the third quarter. Private Trust Co. NA now owns 1,336 shares of the company’s stock valued at $217,000 after buying an additional 66 shares during the period. Finally, Landmark Bank boosted its stake in Cummins by 0.6% during the third quarter. Landmark Bank now owns 12,053 shares of the company’s stock valued at $1,961,000 after buying an additional 66 shares in the last quarter. Hedge funds and other institutional investors own 82.98% of the company’s stock.
Shares of CMI opened at $172.40 on Wednesday. The business’s 50-day moving average price is $179.46 and its 200 day moving average price is $168.63. The company has a current ratio of 1.52, a quick ratio of 0.95 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $26.26 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.98 and a beta of 1.14. Cummins Inc. has a 1-year low of $138.10 and a 1-year high of $186.73.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $3.83 EPS for the quarter, missing analysts’ consensus estimates of $3.84 by ($0.01). Cummins had a net margin of 10.53% and a return on equity of 28.52%. The firm had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.87 billion. During the same period in the prior year, the company posted $4.05 earnings per share. Cummins’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 14.79 earnings per share for the current year.
Cummins announced that its board has initiated a share buyback plan on Tuesday, December 10th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 7.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
CMI has been the topic of several research reports. Barclays reiterated a “hold” rating and issued a $159.00 price target on shares of Cummins in a research report on Wednesday, October 16th. Morgan Stanley upped their price target on shares of Cummins from $174.00 to $180.00 and gave the company an “equal weight” rating in a report on Monday, December 16th. Cowen initiated coverage on shares of Cummins in a research report on Thursday, January 9th. They set a “market perform” rating and a $173.00 price objective for the company. Wells Fargo & Co raised shares of Cummins from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $180.00 to $205.00 in a research note on Tuesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Cummins from $175.00 to $190.00 and gave the stock a “neutral” rating in a report on Friday, December 20th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $178.41.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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