Independent Solutions Wealth Management LLC Lowers Stake in Cummins Inc. $CMI

Independent Solutions Wealth Management LLC decreased its position in Cummins Inc. (NYSE:CMI) by 1.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,100 shares of the company’s stock after selling 50 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Cummins were worth $1,015,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new stake in Cummins during the 1st quarter worth approximately $2,749,000. Alpha Cubed Investments LLC acquired a new position in Cummins during the 1st quarter worth approximately $440,000. Assenagon Asset Management S.A. increased its position in shares of Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after purchasing an additional 1,114 shares during the last quarter. Invesco Ltd. lifted its position in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the last quarter. Finally, Artemis Investment Management LLP grew its stake in shares of Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after purchasing an additional 1,241 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Barclays raised their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Evercore ISI restated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Truist Financial lifted their price target on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $393.57.

Cummins Trading Up 1.6%

NYSE CMI opened at $439.66 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $60.58 billion, a P/E ratio of 20.67, a P/E/G ratio of 2.09 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The firm has a 50-day moving average price of $402.11 and a 200 day moving average price of $346.92.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.26 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a $2.00 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Insider Activity

In other news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock worth $14,159,885 in the last quarter. 0.41% of the stock is currently owned by corporate insiders.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.