Demming Financial Services Corp ADV Makes New Investment in Cummins Inc. $CMI

Demming Financial Services Corp ADV acquired a new position in Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,329 shares of the company’s stock, valued at approximately $678,000. Cummins accounts for 0.5% of Demming Financial Services Corp ADV’s holdings, making the stock its 16th biggest position.

Several other hedge funds have also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after purchasing an additional 2,417 shares during the period. New York State Teachers Retirement System lifted its position in shares of Cummins by 2.1% in the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after purchasing an additional 2,305 shares during the period. Bailard Inc. boosted its stake in shares of Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after purchasing an additional 4,035 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares during the period. Finally, Accredited Wealth Management LLC increased its holdings in Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after buying an additional 3,100 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the subject of a number of analyst reports. Barclays upped their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. JPMorgan Chase & Co. raised their price objective on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Truist Financial reiterated a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Finally, Citigroup increased their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $588.93.

Insiders Place Their Bets

In related news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the sale, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of the firm’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the sale, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. This represents a 22.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 31,195 shares of company stock worth $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Down 0.6%

Cummins stock opened at $535.58 on Monday. The company has a market capitalization of $74.00 billion, a price-to-earnings ratio of 26.10, a price-to-earnings-growth ratio of 1.70 and a beta of 1.12. The stock has a 50-day moving average price of $574.09 and a 200 day moving average price of $496.58. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, topping the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $5.16 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

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.