Shelton Wealth Management LLC acquired a new stake in Cummins Inc. (NYSE:CMI – Free Report) during the 3rd quarter, Holdings Channel reports. The institutional investor acquired 2,519 shares of the company’s stock, valued at approximately $1,301,000.
A number of other hedge funds also recently made changes to their positions in the company. Persistent Asset Partners Ltd acquired a new position in shares of Cummins during the second quarter worth $26,000. Elevation Wealth Partners LLC grew its stake in Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC grew its stake in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Key Financial Inc increased its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the last quarter. Finally, Cornerstone Financial Management LLC increased its holdings in Cummins by 65.8% during the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock worth $45,000 after purchasing an additional 25 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Insider Buying and Selling at Cummins
In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.30% of the company’s stock.
Cummins Stock Performance
Shares of CMI traded down $2.01 during midday trading on Friday, hitting $530.72. 1,255,487 shares of the stock traded hands, compared to its average volume of 1,127,504. Cummins Inc. has a 1-year low of $405.82 and a 1-year high of $737.76. The firm has a market capitalization of $73.06 billion, a PE ratio of 27.12, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The business’s 50 day moving average price is $555.86 and its two-hundred day moving average price is $619.86.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the company posted $6.43 EPS. The firm’s revenue was up 9.4% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 29.98 EPS for the current fiscal year.
Cummins Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is presently 44.97%.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on CMI shares. UBS Group dropped their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Citigroup reduced their price target on shares of Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research report on Monday, October 12th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Morgan Stanley raised their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Finally, Wells Fargo & Company cut their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a report on Thursday, October 8th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $708.18.
Check Out Our Latest Research Report on CMI
Cummins Profile
Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.
Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.
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