Cummins Inc. $CMI Stock Acquired by Frank Rimerman Advisors LLC

by · The Markets Daily

Frank Rimerman Advisors LLC raised its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 401.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 18,793 shares of the company’s stock after purchasing an additional 15,042 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Cummins were worth $9,708,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CMI. Cedar Mountain Advisors LLC grew its position in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares during the period. Persistent Asset Partners Ltd purchased a new stake in Cummins during the second quarter valued at approximately $26,000. Key Financial Inc increased its holdings in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. Elevation Wealth Partners LLC raised its position in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares during the period. Finally, Steph & Co. raised its position in Cummins by 112.9% in the first quarter. Steph & Co. now owns 66 shares of the company’s stock worth $36,000 after acquiring an additional 35 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several analyst reports. Truist Financial dropped their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Citigroup reduced their price objective on Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a research note on Monday, October 12th. Bank of America reduced their price objective on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Finally, UBS Group lowered their target price on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $708.18.

Get Our Latest Stock Analysis on CMI

Cummins Trading Down 0.4%

Shares of NYSE:CMI opened at $530.72 on Friday. The stock has a 50 day moving average of $555.86 and a 200 day moving average of $619.86. The company has a market cap of $73.06 billion, a PE ratio of 27.12, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $405.82 and a 12-month high of $737.76.

Cummins (NYSE:CMI – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the prior year, the company posted $6.43 earnings per share. The company’s revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is presently 44.97%.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

Cummins Company Profile

(Free Report)

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.

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