Confluence Wealth Services Inc. Has $756,000 Stock Holdings in Cummins Inc. (NYSE:CMI)

Confluence Wealth Services Inc. grew its stake in Cummins Inc. (NYSE:CMI) by 38.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,567 shares of the company’s stock after purchasing an additional 709 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Cummins were worth $756,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CMI. Balentine LLC increased its holdings in Cummins by 3.3% during the 3rd quarter. Balentine LLC now owns 3,929 shares of the company’s stock worth $898,000 after purchasing an additional 127 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Cummins by 200.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after acquiring an additional 3,866 shares in the last quarter. Allen Mooney & Barnes Investment Advisors LLC bought a new position in shares of Cummins in the 3rd quarter valued at about $9,048,000. Capital Advisors Inc. OK bought a new position in shares of Cummins in the 4th quarter valued at about $24,915,000. Finally, SG Americas Securities LLC grew its holdings in Cummins by 227.6% during the fourth quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after purchasing an additional 16,869 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock traded down $10.99 during trading on Tuesday, reaching $282.66. 1,212,230 shares of the company’s stock traded hands, compared to its average volume of 2,643,755. The company has a market capitalization of $38.66 billion, a P/E ratio of 54.57, a PEG ratio of 1.98 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The firm’s 50-day moving average is $284.29 and its 200 day moving average is $251.77. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.52 earnings per share. Equities research analysts expect that Cummins Inc. will post 18.34 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is currently 129.73%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Morgan Stanley started coverage on shares of Cummins in a research note on Monday, January 8th. They set an “overweight” rating and a $278.00 target price on the stock. Truist Financial initiated coverage on shares of Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 target price on the stock. Finally, Evercore ISI boosted their price objective on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus price target of $279.70.

Insiders Place Their Bets

In other news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were acquired at an average price of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Cummins news, Director Daniel William Fisher purchased 562 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last quarter. Insiders own 0.56% of the company’s stock.

Cummins Company Profile

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.