Wealthcare Advisory Partners LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

Wealthcare Advisory Partners LLC raised its position in Cummins Inc. (NYSE:CMI) by 110.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,381 shares of the company’s stock after purchasing an additional 1,775 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Cummins were worth $996,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First United Bank & Trust purchased a new stake in Cummins in the 4th quarter worth about $25,000. Private Wealth Management Group LLC bought a new position in Cummins in the 4th quarter worth about $26,000. Silver Oak Securities Incorporated bought a new position in Cummins in the 3rd quarter worth about $28,000. DiNuzzo Private Wealth Inc. bought a new position in Cummins in the 4th quarter worth about $31,000. Finally, Quarry LP grew its stake in Cummins by 258.5% in the 4th quarter. Quarry LP now owns 147 shares of the company’s stock worth $35,000 after acquiring an additional 106 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 1.2 %

NYSE:CMI opened at $276.99 on Friday. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $304.24. The firm has a 50 day moving average of $282.30 and a 200 day moving average of $268.68. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $37.89 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 1.75 and a beta of 1.02.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. As a group, sell-side analysts anticipate that Cummins Inc. will post 18.84 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were issued a $1.68 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.43%. Cummins’s dividend payout ratio is currently 49.19%.

Insiders Place Their Bets

In related news, VP Jeffrey T. Wiltrout purchased 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on CMI shares. Raymond James started coverage on shares of Cummins in a research note on Friday. They issued a “market perform” rating on the stock. Truist Financial restated a “hold” rating and issued a $319.00 target price on shares of Cummins in a research note on Wednesday, May 15th. The Goldman Sachs Group upped their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Citigroup initiated coverage on shares of Cummins in a research note on Wednesday. They set a “buy” rating and a $320.00 price objective on the stock. Finally, TD Cowen increased their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $287.55.

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.