Cetera Investment Advisers Has $46.45 Million Position in Cummins Inc. $CMI

Cetera Investment Advisers raised its holdings in Cummins Inc. (NYSE:CMI) by 1.1% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 86,328 shares of the company’s stock after purchasing an additional 919 shares during the period. Cetera Investment Advisers’ holdings in Cummins were worth $46,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after acquiring an additional 98,544 shares in the last quarter. State Street Corp raised its position in Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after purchasing an additional 49,628 shares in the last quarter. Geode Capital Management LLC raised its position in Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares in the last quarter. Fisher Asset Management LLC lifted its stake in Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after purchasing an additional 43,722 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Morgan Stanley raised their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Truist Financial boosted their price target on Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Evercore reiterated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Finally, Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $740.07.

Insider Activity

In other Cummins news, VP Donald G. Jackson sold 730 shares of the company’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 completion of the sale, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. This represents a 6.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by insiders.

Cummins Price Performance

NYSE:CMI opened at $663.96 on Friday. 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 has a market cap of $91.62 billion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. Cummins Inc. has a 12 month low of $354.68 and a 12 month high of $737.76. The company’s 50-day moving average price is $672.19 and its two-hundred day moving average price is $619.28.

Cummins (NYSE:CMI) last posted 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 net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the business posted $5.96 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. 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.