Fairvoy Private Wealth LLC Has $4.41 Million Position in Cummins Inc. $CMI

Fairvoy Private Wealth LLC lessened its holdings in Cummins Inc. (NYSE:CMI) by 28.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,188 shares of the company’s stock after selling 3,273 shares during the quarter. Cummins accounts for approximately 1.1% of Fairvoy Private Wealth LLC’s holdings, making the stock its 29th biggest holding. Fairvoy Private Wealth LLC’s holdings in Cummins were worth $4,405,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CMI. Silver Oak Securities Incorporated lifted its holdings in shares of Cummins by 108.2% during the 1st quarter. Silver Oak Securities Incorporated now owns 229 shares of the company’s stock worth $123,000 after acquiring an additional 119 shares during the period. Kestra Private Wealth Services LLC increased its stake in Cummins by 1.8% in the first quarter. Kestra Private Wealth Services LLC now owns 4,800 shares of the company’s stock valued at $2,583,000 after acquiring an additional 83 shares during the period. Leeward Financial Partners LLC bought a new stake in Cummins in the first quarter valued at about $3,519,000. Ritholtz Wealth Management raised its position in Cummins by 19.9% in the first quarter. Ritholtz Wealth Management now owns 6,896 shares of the company’s stock worth $3,710,000 after purchasing an additional 1,145 shares in the last quarter. Finally, Breakwater Capital Group acquired a new position in Cummins in the first quarter worth about $260,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $727.12 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $100.33 billion, a price-to-earnings ratio of 37.73, a P/E/G ratio of 1.70 and a beta of 1.23. Cummins Inc. has a 1-year low of $319.37 and a 1-year high of $737.76. The firm’s 50-day moving average price is $670.68 and its two-hundred day moving average price is $597.08.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.96 EPS. On average, equities analysts predict that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is currently 41.52%.

Insider Buying and Selling at Cummins

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. This represents a 14.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of analyst reports. Citigroup raised their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Raymond James Financial increased their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $731.86.

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.