Sequoia Financial Advisors LLC Buys 1,296 Shares of Cummins Inc. $CMI

Sequoia Financial Advisors LLC grew its stake in shares of Cummins Inc. (NYSE:CMI) by 20.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,783 shares of the company’s stock after purchasing an additional 1,296 shares during the period. Sequoia Financial Advisors LLC’s holdings in Cummins were worth $5,551,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CMI. California State Teachers Retirement System raised its stake in Cummins by 71,801.8% during the 2nd quarter. California State Teachers Retirement System now owns 148,240,699 shares of the company’s stock worth $105,726,749,000 after buying an additional 148,034,528 shares during the period. BlackRock Inc. bought a new position in Cummins in the second quarter worth approximately $8,204,241,000. Northwestern Mutual Wealth Management Co. grew its stake in Cummins by 10,317.7% in 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 acquiring an additional 2,434,876 shares during the period. Bank of America Corp DE bought a new stake in shares of Cummins during the second quarter valued at approximately $1,408,353,000. Finally, Norges Bank bought a new stake in shares of Cummins during the fourth quarter valued at approximately $863,441,000. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Citigroup boosted their price target on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. UBS Group lowered their price objective on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Finally, Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $764.54.

Cummins Stock Up 1.2%

Shares of NYSE:CMI opened at $556.76 on Friday. The business’s 50 day moving average is $619.80 and its 200 day moving average is $625.13. Cummins Inc. has a 12-month low of $400.72 and a 12-month high of $737.76. The stock has a market cap of $76.64 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 1.49 and a beta of 1.23. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $6.43 earnings per share. On average, sell-side analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 21st. Cummins’s dividend payout ratio is presently 44.97%.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.