Cummins Inc. $CMI Stock Bought by Cyndeo Wealth Partners LLC

Cyndeo Wealth Partners LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 1,646.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,080 shares of the company’s stock after purchasing an additional 17,045 shares during the period. Cyndeo Wealth Partners LLC’s holdings in Cummins were worth $9,340,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BlackRock Inc. bought a new stake in shares of Cummins in the 2nd quarter worth approximately $8,204,241,000. Bank of America Corp DE bought a new position in shares of Cummins during the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp bought a new position in shares of Cummins during the second quarter valued at approximately $973,198,000. Legal & General Group Plc purchased a new stake in Cummins in the second quarter worth $666,635,000. Finally, Amundi lifted its stake in Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after acquiring an additional 147,093 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $530.72 on Friday. The stock has a fifty day simple moving average of $555.86 and a two-hundred day simple moving average of $619.86. 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 company has a market cap of $73.06 billion, a price-to-earnings ratio of 27.12, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 12-month low of $405.82 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last announced its 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 business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $6.43 EPS. Research analysts predict that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is 44.97%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CMI. CICC Research started coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective on the stock. Citigroup decreased their price objective on shares of Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a report on Monday, October 12th. Wells Fargo & Company dropped their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. DA Davidson lifted their target price on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Bank of America reduced their price target on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $708.18.

Insider Buying and Selling

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 sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is owned by insiders.

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.