Aptus Capital Advisors LLC Raises Stock Position in Cummins Inc. $CMI

Aptus Capital Advisors LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 6.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,350 shares of the company’s stock after purchasing an additional 867 shares during the period. Aptus Capital Advisors LLC’s holdings in Cummins were worth $6,815,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Thompson Investment Management Inc. purchased a new position in Cummins during the fourth quarter worth about $26,000. Activest Wealth Management increased its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $27,000. Ares Financial Consulting LLC acquired a new stake in shares of Cummins during the fourth quarter valued at about $29,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Cummins during the second quarter valued at about $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE CMI opened at $679.66 on Tuesday. Cummins Inc. has a 12 month low of $307.90 and a 12 month 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. The firm has a market capitalization of $93.79 billion, a PE ratio of 35.27, a P/E/G ratio of 1.61 and a beta of 1.24. The company’s 50 day simple moving average is $651.02 and its 200 day simple moving average is $585.26.

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

Cummins Dividend Announcement

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

Insider Activity

In other Cummins news, insider Brett Michael Merritt sold 701 shares of Cummins 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 sale, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. This trade represents a 6.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Evercore reiterated an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Barclays lifted their price target on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley lifted their price target on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to data from 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.