Diversify Wealth Management LLC Increases Holdings in Cummins Inc. $CMI

Diversify Wealth Management LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 43.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,421 shares of the company’s stock after acquiring an additional 4,982 shares during the period. Diversify Wealth Management LLC’s holdings in Cummins were worth $8,835,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CMI. Brighton Jones LLC raised its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the last quarter. Intech Investment Management LLC boosted its position in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC purchased a new position in Cummins during the second quarter valued at $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins during the second quarter valued at $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.1%

Shares of NYSE:CMI opened at $676.93 on Monday. The company has a market cap of $93.41 billion, a price-to-earnings ratio of 35.13, a PEG ratio of 1.65 and a beta of 1.22. Cummins Inc. has a 12 month low of $334.70 and a 12 month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company has a 50-day moving average price of $679.54 and a 200 day moving average price of $609.98.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the firm posted $5.96 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Dividend Announcement

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

Insider Activity at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This represents a 6.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the transaction, the executive vice president directly owned 11,679 shares of the company’s stock, valued at $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 in the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. Wells Fargo & Company boosted their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Truist Financial raised their price objective on Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Citigroup lifted their target price on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Raymond James Financial boosted their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $738.00.

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.