Cummins Inc. $CMI Shares Bought by Cetera Investment Advisers

Cetera Investment Advisers lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 86,328 shares of the company’s stock after acquiring an additional 919 shares during the quarter. Cetera Investment Advisers owned 0.06% of Cummins worth $46,446,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Juno Financial Group LLC acquired a new position in shares of Cummins during the fourth quarter valued at approximately $883,000. Truist Financial Corp boosted its stake in Cummins by 4.8% during the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after buying an additional 2,951 shares in the last quarter. Smith Salley Wealth Management raised its holdings in shares of Cummins by 1,381.8% in the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after purchasing an additional 20,299 shares in the last quarter. Westfield Capital Management Co. LP bought a new position in shares of Cummins in the fourth quarter valued at $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. raised its position in shares of Cummins by 643.0% during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock worth $3,732,000 after purchasing an additional 6,327 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $663.96 on Friday. The business has a 50 day moving average price of $672.19 and a 200 day moving average price of $619.28. Cummins Inc. has a twelve month low of $354.68 and a twelve month high of $737.76. The company has a market cap of $91.62 billion, a price-to-earnings ratio of 34.46, a PEG ratio of 1.62 and a beta of 1.22. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the business posted $5.96 EPS. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 29.39 earnings per share for the current year.

Cummins Increases Dividend

The business 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 is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.3%. Cummins’s dividend payout ratio is 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 in the last three months. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMI has been the topic of several analyst reports. Argus lifted their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Morgan Stanley boosted their target price on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. UBS Group restated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Truist Financial boosted their target price on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Finally, Barclays boosted their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $740.07.

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.