Cummins Inc. $CMI Shares Bought by HB Wealth Management LLC

HB Wealth Management LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 32.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 8,467 shares of the company’s stock after acquiring an additional 2,068 shares during the period. HB Wealth Management LLC’s holdings in Cummins were worth $3,576,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Osterweis Capital Management Inc. acquired a new stake in shares of Cummins in the second quarter valued at about $31,000. Salomon & Ludwin LLC lifted its stake in Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares in the last quarter. Tripletail Wealth Management LLC acquired a new stake in Cummins in the 3rd quarter worth about $39,000. CNB Bank purchased a new stake in Cummins during the 2nd quarter worth approximately $43,000. Finally, SJS Investment Consulting Inc. raised its holdings in shares of Cummins by 1,414.3% during the third quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock valued at $45,000 after acquiring an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CMI shares. Argus raised their price objective on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Truist Financial upped their price objective on shares of Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a report on Friday, November 7th. Finally, Barclays restated a “positive” rating on shares of Cummins in a report on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and an average target price of $492.75.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,864,384.12. The trade was a 29.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider owned 9,271 shares in the company, valued at $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 19,330 shares of company stock valued at $9,135,364. 0.41% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of CMI opened at $552.52 on Friday. The firm has a 50-day simple moving average of $498.53 and a two-hundred day simple moving average of $427.61. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $554.15. The stock has a market cap of $76.27 billion, a PE ratio of 28.67, a P/E/G ratio of 1.90 and a beta of 1.12.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were paid a $2.00 dividend. The ex-dividend date was Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. Cummins’s payout ratio is 41.52%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.