Diversify Wealth Management LLC lifted its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 43.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 16,421 shares of the company’s stock after purchasing an additional 4,982 shares during the period. Diversify Wealth Management LLC’s holdings in Cummins were worth $8,835,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. Vanguard Group Inc. grew its position in Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after acquiring an additional 98,544 shares during the last quarter. State Street Corp lifted its position in shares of Cummins by 0.8% during the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after purchasing an additional 49,628 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after purchasing an additional 43,722 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. 83.46% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several research firms recently commented on CMI. Wells Fargo & Company raised their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Truist Financial boosted their price objective on shares of Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Citigroup upped their target price on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Morgan Stanley raised their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average target price of $738.00.
Cummins Stock Up 0.1%
NYSE:CMI opened at $676.93 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $334.70 and a 1-year high of $737.76. The company has a 50-day moving average of $679.54 and a 200 day moving average of $609.98. The firm has a market cap of $93.41 billion, a PE ratio of 35.13, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22.
Cummins (NYSE:CMI – Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the firm posted $5.96 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 29.32 EPS for the current fiscal year.
Cummins Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is presently 41.52%.
Insider Buying and Selling
In related news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Company insiders own 0.30% of the company’s stock.
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.
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