1,410 Shares in Cummins Inc. $CMI Purchased by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,410 shares of the company’s stock, valued at approximately $596,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Osterweis Capital Management Inc. purchased a new position in shares of Cummins during the second quarter valued at approximately $31,000. Tripletail Wealth Management LLC purchased a new position in Cummins during the 3rd quarter valued at $39,000. CNB Bank purchased a new stake in shares of Cummins in the 2nd quarter worth about $43,000. Flaharty Asset Management LLC bought a new stake in shares of Cummins during the 1st quarter valued at about $47,000. Finally, State of Wyoming purchased a new position in shares of Cummins during the first quarter valued at about $50,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on CMI. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Citigroup upped their price objective on shares of Cummins from $530.00 to $580.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. Sanford C. Bernstein reiterated a “market perform” rating and set a $475.00 target price on shares of Cummins in a report on Friday, November 7th. UBS Group raised Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday, November 25th. Finally, Argus upped their price target on Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $492.75.

Cummins Trading Up 2.3%

Shares of NYSE CMI opened at $522.19 on Monday. The firm’s 50 day moving average price is $487.29 and its 200-day moving average price is $421.17. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $526.50. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. The company has a market cap of $72.08 billion, a PE ratio of 27.10, a P/E/G ratio of 1.82 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the business earned $5.86 EPS. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Activity at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at $4,536,485.72. This represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,330 shares of company stock valued at $9,135,364 over the last ninety days. Insiders own 0.41% of the company’s stock.

Cummins 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.