Ferguson Wellman Capital Management Inc. Buys Shares of 99,511 Cummins Inc. $CMI

Ferguson Wellman Capital Management Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 99,511 shares of the company’s stock, valued at approximately $70,972,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Valmark Advisers Inc. increased its position in Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after purchasing an additional 16 shares in the last quarter. Guardian Partners Inc. grew its stake in shares of Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after buying an additional 16 shares during the last quarter. Nicolet Advisory Services LLC increased its holdings in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC increased its holdings in shares of Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after buying an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC lifted its stake in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after acquiring an additional 18 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Evercore restated an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Raymond James Financial lifted their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Argus upped their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Truist Financial set a $894.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Finally, CICC Research assumed coverage on shares of Cummins in a research report on Sunday, August 23rd. They issued an “outperform” rating for the company. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Price Performance

Shares of CMI opened at $564.61 on Friday. The business has a 50-day moving average of $647.45 and a 200-day moving average of $627.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market capitalization of $77.72 billion, a price-to-earnings ratio of 28.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 1 year low of $389.52 and a 1 year 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 the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company earned $6.43 earnings per share. The business’s revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Cummins Company Profile

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.