Innova Wealth Partners Invests $1.14 Million in Cummins Inc. $CMI

Innova Wealth Partners acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, Holdings Channel reports. The fund acquired 2,700 shares of the company’s stock, valued at approximately $1,140,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Groupama Asset Managment acquired a new stake in Cummins in the 3rd quarter valued at approximately $1,167,000. Strategic Advocates LLC acquired a new position in shares of Cummins during the third quarter worth approximately $42,000. Greenfield Seitz Capital Management LLC lifted its holdings in shares of Cummins by 1.4% during the third quarter. Greenfield Seitz Capital Management LLC now owns 9,951 shares of the company’s stock worth $4,203,000 after buying an additional 135 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in shares of Cummins in the third quarter valued at approximately $8,029,000. Finally, Oarsman Capital Inc. boosted its position in shares of Cummins by 4.6% in the third quarter. Oarsman Capital Inc. now owns 5,600 shares of the company’s stock valued at $2,365,000 after acquiring an additional 244 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Jennifer Mary Bush sold 4,270 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,195 shares of company stock valued at $18,397,489 over the last 90 days. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research reports. Barclays boosted their target price on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. UBS Group set a $565.00 price target on shares of Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Citigroup upped their price objective on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Finally, Truist Financial reiterated a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Down 0.1%

Shares of CMI stock opened at $542.66 on Thursday. The stock has a market cap of $74.97 billion, a P/E ratio of 26.45, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The stock has a fifty day moving average price of $574.37 and a 200 day moving average price of $498.92. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the previous year, the firm posted $5.16 EPS. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s payout ratio is 38.99%.

About Cummins

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.