Cummins Inc. $CMI Shares Purchased by NewEdge Advisors LLC

NewEdge Advisors LLC raised its stake in Cummins Inc. (NYSE:CMI) by 123.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 96,147 shares of the company’s stock after acquiring an additional 53,048 shares during the period. NewEdge Advisors LLC’s holdings in Cummins were worth $51,729,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Activest Wealth Management increased its stake in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC lifted its stake in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the fourth quarter worth about $27,000. Kemnay Advisory Services Inc. acquired a new position in shares of Cummins in the fourth quarter worth about $28,000. Finally, Birchwood Financial Partners Inc. purchased a new position in shares of Cummins in the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Truist Financial set a $894.00 price objective on shares of Cummins in a research note on Wednesday. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Finally, Barclays increased their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

Insiders Place Their Bets

In related news, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. The trade was a 6.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. This represents a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,690 shares of company stock worth $5,360,654 in the last quarter. Corporate insiders own 0.30% of the company’s stock.

Cummins Trading Down 1.0%

NYSE CMI opened at $643.44 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.11 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 1-year low of $379.41 and a 1-year high of $737.76. The firm’s fifty day simple moving average is $668.87 and its 200-day simple moving average is $625.03. The company has a market capitalization of $88.58 billion, a PE ratio of 32.88, a price-to-earnings-growth ratio of 1.58 and a beta of 1.24.

Cummins (NYSE:CMI) last released its quarterly earnings data 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 net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the business posted $6.43 EPS. Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.53 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 41.52%.

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.