Cummins Inc. $CMI Shares Bought by Focus Partners Wealth

Focus Partners Wealth raised its position in Cummins Inc. (NYSE:CMI) by 143.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 145,894 shares of the company’s stock after acquiring an additional 85,978 shares during the period. Focus Partners Wealth owned approximately 0.11% of Cummins worth $74,472,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Fisher Asset Management LLC lifted its stake in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after buying an additional 91,956 shares during the period. Accredited Wealth Management LLC lifted its stake in shares of Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after buying an additional 3,100 shares during the period. State of New Jersey Common Pension Fund D lifted its stake in shares of Cummins by 5.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company’s stock worth $20,610,000 after buying an additional 2,574 shares during the period. Payden & Rygel acquired a new stake in shares of Cummins during the third quarter worth $9,757,000. Finally, Jefferies Financial Group Inc. acquired a new stake in shares of Cummins during the third quarter worth $11,129,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the transaction, the insider directly owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Cummins Trading Up 0.0%

NYSE CMI opened at $659.77 on Monday. The company has a market capitalization of $91.04 billion, a PE ratio of 34.24, a P/E/G ratio of 1.61 and a beta of 1.24. The company has a fifty day moving average of $648.43 and a 200 day moving average of $583.95. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $5.96 earnings per share. Research analysts forecast that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins’s payout ratio is currently 41.52%.

Analyst Ratings Changes

Several equities research analysts have recently commented on CMI shares. Argus lifted their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Citigroup lifted their price objective on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $726.14.

About Cummins

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.