B. Riley Wealth Advisors Inc. Buys Shares of 3,636 Cummins Inc. $CMI

B. Riley Wealth Advisors Inc. bought a new position in Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel reports. The institutional investor bought 3,636 shares of the company’s stock, valued at approximately $1,191,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Accredited Wealth Management LLC acquired a new stake in Cummins in the first quarter valued at approximately $31,000. Osterweis Capital Management Inc. bought a new position in shares of Cummins in the second quarter worth about $31,000. Wealth Preservation Advisors LLC acquired a new position in shares of Cummins during the first quarter worth approximately $41,000. CNB Bank acquired a new position in Cummins during the 2nd quarter valued at $43,000. Finally, Flaharty Asset Management LLC acquired a new position in shares of Cummins during the first quarter valued at about $47,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the subject of several research reports. Argus raised their target price on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. UBS Group raised Cummins from a “sell” rating to a “neutral” rating in a research note on Tuesday, November 25th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Citigroup lifted their price objective on Cummins from $530.00 to $580.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Eleven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $482.87.

Cummins Stock Up 1.5%

CMI opened at $517.78 on Tuesday. The stock’s fifty day simple moving average is $461.03 and its 200 day simple moving average is $402.29. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $526.50. The stock has a market cap of $71.47 billion, a PE ratio of 26.87, a price-to-earnings-growth ratio of 2.01 and a beta of 1.10. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $5.86 earnings per share. As a group, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, November 21st. Cummins’s dividend payout ratio is currently 41.52%.

Insiders Place Their Bets

In related news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 28,910 shares of company stock worth $13,311,784 over the last three months. Insiders own 0.41% of the company’s stock.

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.