Axxcess Wealth Management LLC Sells 859 Shares of Cummins Inc. $CMI

Axxcess Wealth Management LLC decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 4.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 16,634 shares of the company’s stock after selling 859 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Cummins were worth $8,949,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of CMI. Thompson Investment Management Inc. bought a new stake in shares of Cummins in the 4th quarter valued at about $26,000. Activest Wealth Management increased its holdings in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC bought a new position in shares of Cummins in the fourth quarter worth $27,000. Key Financial Inc increased its stake in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. bought a new stake in shares of Cummins during the 4th quarter worth $28,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of NYSE CMI opened at $659.87 on Wednesday. The stock’s 50-day moving average is $677.96 and its 200 day moving average is $606.51. Cummins Inc. has a 1-year low of $328.02 and a 1-year high of $737.76. The stock has a market cap of $91.06 billion, a price-to-earnings ratio of 34.24, a P/E/G ratio of 1.66 and a beta of 1.22. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) 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 business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the company earned $5.96 EPS. Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 29.32 EPS for the current fiscal year.

Cummins Announces Dividend

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

Insider Activity

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the sale, the chief accounting officer owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the sale, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock valued at $9,377,684 over the last three months. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CMI shares. UBS Group reiterated a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. 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 note on Wednesday, May 6th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Finally, Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One equities 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.