Cummins Inc. $CMI Stock: Provenance Wealth Advisors LLC Increases Position

Provenance Wealth Advisors LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 1,171.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,326 shares of the company’s stock after buying an additional 2,143 shares during the quarter. Provenance Wealth Advisors LLC’s holdings in Cummins were worth $1,202,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Persistent Asset Partners Ltd acquired a new position in Cummins during the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC lifted its stake in shares of Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares during the period. Cedar Mountain Advisors LLC boosted its stake in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Cornerstone Financial Management LLC lifted its holdings in Cummins by 65.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock valued at $45,000 after acquiring an additional 25 shares during the last quarter. Finally, Balance Wealth Partners LLC bought a new stake in Cummins during the third quarter worth approximately $32,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 5.7%

Cummins stock opened at $472.37 on Thursday. Cummins Inc. has a one year low of $427.50 and a one year high of $737.76. The company’s fifty day moving average price is $531.57 and its two-hundred day moving average price is $600.85. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market capitalization of $65.03 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 1.32 and a beta of 1.26.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the business posted $6.43 earnings per share. The firm’s revenue was up 9.4% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.9%. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CMI. JPMorgan Chase & Co. cut their target price on Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 23rd. Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a research note on Monday. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Citigroup cut their price objective on Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Finally, Bank of America reduced their price objective on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $694.24.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.