Accredited Wealth Management LLC Purchases 3,100 Shares of Cummins Inc. $CMI

Accredited Wealth Management LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 3,100.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,200 shares of the company’s stock after buying an additional 3,100 shares during the period. Cummins comprises about 1.1% of Accredited Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Accredited Wealth Management LLC’s holdings in Cummins were worth $1,352,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Cummins by 2.0% during 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 period. State Street Corp increased its holdings in Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after purchasing an additional 92,073 shares during the period. Geode Capital Management LLC raised its position in Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 4.5% in the 2nd quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock worth $1,072,578,000 after buying an additional 142,058 shares during the period. Finally, Norges Bank bought a new stake in shares of Cummins in the 2nd quarter worth approximately $505,941,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, Director William I. Miller sold 18,107 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director owned 34,243 shares in the company, valued at $20,446,495.30. This represents a 34.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Donald G. Jackson sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 27,141 shares of company stock valued at $16,121,817 in the last 90 days. Insiders own 0.41% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $584.37 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The stock has a market capitalization of $80.74 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13. The stock’s 50 day simple moving average is $566.52 and its 200 day simple moving average is $484.51.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same period last year, the company earned $5.16 EPS. Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. Cummins’s payout ratio is presently 38.99%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CMI. Robert W. Baird set a $580.00 price target on Cummins in a research note on Friday, February 6th. Citigroup raised their target price on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 price objective on shares of Cummins in a research report on Friday, February 6th. Finally, Raymond James Financial increased their target price on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

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.