Invera Wealth Advisors LLC bought a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,345 shares of the company's stock, valued at approximately $1,760,000.
Other large investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new position in shares of Cummins in the 3rd quarter valued at $25,000. Silver Oak Securities Incorporated purchased a new stake in Cummins during the 3rd quarter worth about $28,000. Tyler Stone Wealth Management purchased a new stake in Cummins during the 2nd quarter worth about $30,000. Global Wealth Strategies & Associates purchased a new stake in Cummins during the 3rd quarter worth about $29,000. Finally, Quarry LP purchased a new stake in Cummins during the 1st quarter worth about $32,000. 81.81% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have recently commented on CMI. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a report on Monday, March 4th. TheStreet downgraded Cummins from an "a-" rating to a "c+" rating in a research note on Tuesday, February 6th. UBS Group raised Cummins from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. TD Cowen increased their price objective on Cummins from $260.00 to $272.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 7th. Finally, Evercore ISI increased their price objective on Cummins from $231.00 to $244.00 and gave the stock an "in-line" rating in a research report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $271.64.
Read Our Latest Stock Analysis on CMI
Cummins Price Performance
Shares of CMI traded down $2.46 during mid-day trading on Monday, hitting $287.88. The company's stock had a trading volume of 1,553,717 shares, compared to its average volume of 3,378,014. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The firm has a 50-day simple moving average of $258.16 and a 200 day simple moving average of $239.70. The firm has a market capitalization of $40.84 billion, a P/E ratio of 55.58, a P/E/G ratio of 1.97 and a beta of 1.03. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $297.11.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.52 earnings per share. Analysts predict that Cummins Inc. will post 18.36 EPS for the current fiscal year.
Cummins Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 annualized dividend and a yield of 2.33%. Cummins's dividend payout ratio is presently 129.73%.
Insider Buying and Selling
In related news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the transaction, the chief executive officer now directly owns 2,698 shares of the company's stock, valued at $720,123.18. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the firm's stock in a transaction on Friday, February 16th. The stock was sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the transaction, the chief executive officer now owns 2,698 shares of the company's stock, valued at $720,123.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sharon R. Barner sold 11,000 shares of the firm's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company's stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,289 shares of company stock valued at $13,576,838. 1.12% of the stock is owned by insiders.
Cummins Profile
(Free Report)
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.
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