Wealthcare Advisory Partners LLC Buys 2,573 Shares of Cummins Inc. $CMI

Wealthcare Advisory Partners LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 64.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,585 shares of the company’s stock after purchasing an additional 2,573 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Cummins were worth $3,361,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. Mirae Asset Global Investments Co. Ltd. increased its position in Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after purchasing an additional 2,417 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after buying an additional 2,305 shares during the period. Bailard Inc. boosted its position in Cummins by 7.2% during the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after buying an additional 4,035 shares during the period. Fisher Asset Management LLC increased its position in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after acquiring an additional 91,956 shares during the period. Finally, Accredited Wealth Management LLC increased its position in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after acquiring an additional 3,100 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, VP Amy Rochelle Davis sold 4,054 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 in the last quarter. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CMI. Barclays lifted their price target on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 target price on shares of Cummins in a report on Friday, February 6th. Citigroup upped their price target on Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Truist Financial reissued a “buy” rating and issued a $703.00 price target (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Performance

Shares of CMI opened at $523.02 on Monday. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The company has a market cap of $72.26 billion, a PE ratio of 25.49, a P/E/G ratio of 1.66 and a beta of 1.12. The stock has a 50-day moving average of $571.03 and a 200-day moving average of $506.64. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the business earned $5.16 EPS. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.