Advisory Services Network LLC Has $7.03 Million Stock Holdings in Cummins Inc. $CMI

Advisory Services Network LLC boosted its position in Cummins Inc. (NYSE:CMI) by 32.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,470 shares of the company’s stock after acquiring an additional 5,249 shares during the period. Advisory Services Network LLC’s holdings in Cummins were worth $7,031,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares in the last quarter. Horizon Investments LLC lifted its position in Cummins by 5.2% in the 1st quarter. Horizon Investments LLC now owns 1,975 shares of the company’s stock valued at $619,000 after acquiring an additional 98 shares in the last quarter. Ethic Inc. increased its holdings in Cummins by 10.8% during the 1st quarter. Ethic Inc. now owns 11,615 shares of the company’s stock worth $3,663,000 after purchasing an additional 1,135 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of Cummins by 409.9% in the first quarter. Steward Partners Investment Advisory LLC now owns 29,534 shares of the company’s stock worth $9,257,000 after purchasing an additional 23,742 shares during the last quarter. Finally, Algert Global LLC bought a new position in shares of Cummins in the first quarter valued at approximately $323,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $510.11 on Monday. The business’s 50 day simple moving average is $459.47 and its 200 day simple moving average is $400.93. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $526.50. The company has a market cap of $70.42 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 2.01 and a beta of 1.10. The company has a current ratio of 1.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The business’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $5.86 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were given a dividend of $2.00 per share. The ex-dividend date was Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. Cummins’s dividend payout ratio is currently 41.52%.

Insider Activity

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 31,581 shares of company stock worth $14,420,249. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Barclays boosted their price target on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 11th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Finally, Wells Fargo & Company started coverage on Cummins in a research note on Thursday, November 13th. They issued an “overweight” rating and a $599.00 target price on the stock. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $482.87.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.