Larry Mathis Financial Planning LLC Invests $414,000 in Cummins Inc. $CMI

Larry Mathis Financial Planning LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 811 shares of the company’s stock, valued at approximately $414,000.

Other hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares during the period. Norges Bank bought a new stake in Cummins in the 4th quarter valued at $863,441,000. Boston Partners acquired a new position in Cummins in the 3rd quarter valued at $473,471,000. London Co. of Virginia bought a new position in Cummins during the 3rd quarter worth $231,732,000. Finally, First Trust Advisors LP increased its position in Cummins by 245.1% during the 4th quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock worth $277,071,000 after buying an additional 385,525 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of recent research reports. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Raymond James Financial raised their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Barclays lifted 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. Wells Fargo & Company boosted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Truist Financial set a $815.00 target price on shares of Cummins in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $731.86.

Cummins Price Performance

Shares of NYSE:CMI opened at $716.50 on Friday. The firm has a 50 day moving average of $663.00 and a 200-day moving average of $590.68. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $98.87 billion, a PE ratio of 37.18, a PEG ratio of 1.75 and a beta of 1.23.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $5.96 EPS. On average, equities research analysts predict that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Insider Transactions at Cummins

In other news, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

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.