LMG Wealth Partners LLC Invests $206,000 in Cummins Inc. $CMI

LMG Wealth Partners LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 628 shares of the company’s stock, valued at approximately $206,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Orca Wealth Management LLC increased its position in shares of Cummins by 0.6% during the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after purchasing an additional 28 shares in the last quarter. V Square Quantitative Management LLC increased its position in shares of Cummins by 1.0% during the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after purchasing an additional 31 shares in the last quarter. Bank of Jackson Hole Trust increased its position in shares of Cummins by 1.2% during the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after purchasing an additional 33 shares in the last quarter. Scotia Capital Inc. increased its position in shares of Cummins by 0.5% during the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after purchasing an additional 34 shares in the last quarter. Finally, Van Hulzen Asset Management LLC increased its position in shares of Cummins by 1.2% during the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after purchasing an additional 34 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 in the last quarter. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CMI shares. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. boosted their price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Finally, Barclays lifted their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $407.43.

Cummins Trading Down 2.6%

Shares of Cummins stock opened at $411.84 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The company has a market capitalization of $56.75 billion, a P/E ratio of 19.36, a P/E/G ratio of 1.99 and a beta of 1.04. The business has a 50 day moving average price of $411.10 and a 200 day moving average price of $353.38.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $5.26 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is 37.61%.

About Cummins

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.