Cummins Inc. $CMI Stock Purchased by Wedmont Private Capital

Wedmont Private Capital raised its holdings in Cummins Inc. (NYSE:CMI) by 789.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 15,760 shares of the company’s stock after acquiring an additional 13,988 shares during the period. Wedmont Private Capital’s holdings in Cummins were worth $8,141,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CMI. BlackRock Inc. acquired a new stake in shares of Cummins during the second quarter worth $8,204,241,000. Bank of America Corp DE acquired a new position in Cummins in the second quarter valued at $1,408,353,000. Bank of New York Mellon Corp acquired a new position in Cummins in the second quarter valued at $973,198,000. Legal & General Group Plc purchased a new position in Cummins during the second quarter worth about $666,635,000. Finally, Amundi lifted its position in Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after buying an additional 147,093 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 0.4%

Shares of Cummins stock traded up $1.90 during trading hours on Friday, reaching $522.30. The stock had a trading volume of 289,125 shares, compared to its average volume of 982,136. The firm has a market capitalization of $71.90 billion, a price-to-earnings ratio of 26.69, a P/E/G ratio of 1.36 and a beta of 1.24. Cummins Inc. has a 1 year low of $400.72 and a 1 year high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a 50 day simple moving average of $569.74 and a two-hundred day simple moving average of $620.98.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $9.33 billion. During the same quarter in the previous year, the firm posted $6.43 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 30.13 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were given a $2.20 dividend. The ex-dividend date of this dividend was Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent analyst reports. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. UBS Group cut their price objective on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a report on Wednesday, September 30th. Wells Fargo & Company decreased their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday. Bank of America lowered their target price on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Finally, DA Davidson increased their price target on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $717.59.

About Cummins

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.