Cummins Inc. $CMI Shares Acquired by Austin Private Wealth LLC

by · The Markets Daily

Austin Private Wealth LLC lifted its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 12.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,007 shares of the company’s stock after purchasing an additional 110 shares during the period. Austin Private Wealth LLC’s holdings in Cummins were worth $330,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Motley Fool Asset Management LLC boosted its stake in Cummins by 9.7% during the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after acquiring an additional 623 shares during the last quarter. Applied Finance Capital Management LLC boosted its stake in Cummins by 14.4% during the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after acquiring an additional 7,656 shares during the last quarter. Fox Run Management L.L.C. bought a new position in Cummins during the 1st quarter valued at $2,749,000. Alpha Cubed Investments LLC bought a new position in Cummins during the 1st quarter valued at $440,000. Finally, Invesco Ltd. boosted its stake in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after acquiring an additional 126,362 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial increased their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Robert W. Baird raised their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Read Our Latest Analysis on CMI

Cummins Stock Up 6.6%

CMI stock opened at $441.59 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $442.80. The firm’s 50-day simple moving average is $414.29 and its 200 day simple moving average is $361.15. The stock has a market cap of $60.85 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 1.92 and a beta of 1.04.

Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter last year, the company earned $5.26 EPS. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insiders Place Their Bets

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by company insiders.

Cummins Company Profile

(Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

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