Power Wealth Management LLC Purchases Shares of 1,347 Cummins Inc. $CMI

Power Wealth Management LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,347 shares of the company’s stock, valued at approximately $961,000.

A number of other hedge funds have also recently made changes to their positions in CMI. Persistent Asset Partners Ltd acquired a new stake in Cummins in the 2nd quarter valued at approximately $26,000. Elevation Wealth Partners LLC lifted its stake in Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC boosted its position in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the period. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins during the fourth quarter worth $27,000. Finally, Key Financial Inc grew its stake in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CMI shares. Truist Financial set a $894.00 price objective on Cummins in a report on Wednesday, August 5th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Sanford C. Bernstein reiterated a “market perform” rating and set a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. UBS Group reduced their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Finally, Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $764.54.

Cummins Trading Down 1.0%

NYSE:CMI opened at $545.50 on Friday. The firm has a market cap of $75.09 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 1.49 and a beta of 1.23. The stock has a fifty day moving average price of $634.80 and a 200 day moving average price of $626.95. Cummins Inc. has a 12-month low of $390.11 and a 12-month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $6.43 EPS. Sell-side analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a dividend of $2.20 per share. The ex-dividend date was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s payout ratio is currently 44.97%.

Cummins 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.