HB Wealth Management LLC Purchases 2,068 Shares of Cummins Inc. $CMI

HB Wealth Management LLC increased its position in Cummins Inc. (NYSE:CMI) by 32.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,467 shares of the company’s stock after buying an additional 2,068 shares during the period. HB Wealth Management LLC’s holdings in Cummins were worth $3,576,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new position in Cummins during the second quarter valued at $505,941,000. American Century Companies Inc. boosted its holdings in shares of Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares during the last quarter. Ontario Teachers Pension Plan Board grew its position in shares of Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after purchasing an additional 427,670 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. Finally, Amundi lifted its position in shares of Cummins by 48.6% in the second quarter. Amundi now owns 1,030,767 shares of the company’s stock worth $343,699,000 after buying an additional 337,074 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Argus lifted their price objective on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 30th. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research report on Friday, November 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Finally, Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and an average target price of $492.75.

Insider Activity

In other news, CEO Jennifer Rumsey sold 4,570 shares of the 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 transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction that occurred on Thursday, November 6th. The stock was 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 owned 31,582 shares in the company, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 19,330 shares of company stock worth $9,135,364 over the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Shares of CMI stock opened at $552.52 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $554.15. The stock has a market capitalization of $76.27 billion, a price-to-earnings ratio of 28.67, a P/E/G ratio of 1.90 and a beta of 1.12. The stock has a fifty day simple moving average of $498.53 and a two-hundred day simple moving average of $427.61. 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 posted its earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating 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 business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter last year, the firm posted $5.86 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were paid a dividend of $2.00 per share. The ex-dividend date was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. Cummins’s payout ratio is presently 41.52%.

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.