Apollon Wealth Management LLC Raises Stock Position in Cummins Inc. $CMI

Apollon Wealth Management LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 16.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,183 shares of the company’s stock after purchasing an additional 2,294 shares during the period. Apollon Wealth Management LLC’s holdings in Cummins were worth $8,707,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Thompson Investment Management Inc. purchased a new position in shares of Cummins during the 4th quarter valued at about $26,000. Activest Wealth Management boosted its stake in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins in the fourth quarter worth about $27,000. Birchwood Financial Partners Inc. acquired a new stake in Cummins during the fourth quarter worth about $28,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in Cummins during the fourth quarter worth about $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 0.7%

Shares of CMI opened at $690.51 on Tuesday. Cummins Inc. has a 52-week low of $322.45 and a 52-week high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The firm’s fifty day moving average is $674.01 and its two-hundred day moving average is $599.69. The stock has a market cap of $95.28 billion, a PE ratio of 35.83, a price-to-earnings-growth ratio of 1.68 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its earnings results 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 during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.96 earnings per share. Research analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

Analyst Ratings Changes

A number of brokerages have issued reports on CMI. Wells Fargo & Company boosted their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Barclays lifted their target price on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. Finally, UBS Group reissued a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $731.86.

Insider Buying and Selling

In other news, VP Nathan R. Stoner sold 607 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the sale, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last 90 days. Corporate insiders own 0.30% of the company’s stock.

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.