Obermeyer Wealth Partners Acquires Shares of 700 Cummins Inc. $CMI

Obermeyer Wealth Partners acquired a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 700 shares of the company’s stock, valued at approximately $229,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Raymond James Financial Inc. increased its stake in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after buying an additional 817,384 shares during the last quarter. AQR Capital Management LLC increased its stake in Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after buying an additional 424,294 shares during the last quarter. Nuveen LLC bought a new stake in shares of Cummins in the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. raised its holdings in shares of Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Cummins by 74.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock worth $234,907,000 after purchasing an additional 319,277 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction on 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 owned 955 shares of the company’s stock, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 43,319 shares of company stock worth $17,764,105. Company insiders own 0.41% of the company’s stock.

Cummins Stock Down 0.0%

Cummins stock opened at $437.48 on Tuesday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $449.21. The firm has a market capitalization of $60.28 billion, a price-to-earnings ratio of 20.57, a P/E/G ratio of 2.05 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The firm has a 50 day simple moving average of $416.73 and a 200 day simple moving average of $364.94.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.26 EPS. On average, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders 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 dividend yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s payout ratio is 37.61%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CMI. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Robert W. Baird lifted their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Truist Financial lifted their price target on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Citigroup lifted their price target on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Finally, Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $410.50.

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.