8,081 Shares in Cummins Inc. $CMI Purchased by Asset One Wealth Management LLC

Asset One Wealth Management LLC purchased a new position in Cummins Inc. (NYSE:CMI) in the 4th quarter, HoldingsChannel reports. The firm purchased 8,081 shares of the company’s stock, valued at approximately $4,125,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Brighton Jones LLC grew its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares in the last quarter. Intech Investment Management LLC grew its position in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina grew its position in Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new position in Cummins in the second quarter worth about $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins in the second quarter worth about $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 2.6%

Shares of NYSE:CMI opened at $718.51 on Thursday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $733.48. The business has a 50 day simple moving average of $657.38 and a two-hundred day simple moving average of $588.25. The firm has a market capitalization of $99.15 billion, a PE ratio of 37.29, a price-to-earnings-growth ratio of 1.71 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the firm posted $5.96 earnings per share. The company’s revenue was up 2.7% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is currently 41.52%.

Insider Activity

In other news, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares of the company’s stock, valued at $7,165,755. This represents a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Raymond James Financial boosted their target price on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Wells Fargo & Company boosted their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Argus boosted their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Company 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.