Phoenix Wealth Advisors Has $2.12 Million Stock Position in Cummins Inc. $CMI

Phoenix Wealth Advisors lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.6% during the second quarter, Holdings Channel.com reports. The institutional investor owned 6,480 shares of the company’s stock after selling 170 shares during the quarter. Phoenix Wealth Advisors’ holdings in Cummins were worth $2,122,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the last quarter. Stephens Inc. AR lifted its holdings in Cummins by 37.8% during the 1st quarter. Stephens Inc. AR now owns 1,879 shares of the company’s stock valued at $589,000 after purchasing an additional 515 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its position in Cummins by 19.8% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,265 shares of the company’s stock worth $396,000 after purchasing an additional 209 shares during the period. Wealthfront Advisers LLC increased its holdings in shares of Cummins by 1.5% in the first quarter. Wealthfront Advisers LLC now owns 10,788 shares of the company’s stock valued at $3,381,000 after purchasing an additional 161 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Cummins by 6.2% in the first quarter. Victory Capital Management Inc. now owns 210,922 shares of the company’s stock valued at $66,111,000 after purchasing an additional 12,284 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CMI. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 target price on shares of Cummins in a research report on Friday, November 7th. Barclays lifted their price target on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a report on Tuesday. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Cummins in a research note on Wednesday, November 5th. Ten analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $445.93.

Cummins Stock Performance

NYSE:CMI opened at $467.79 on Friday. The company has a market capitalization of $64.45 billion, a PE ratio of 21.99, a P/E/G ratio of 2.05 and a beta of 1.07. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $484.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a 50 day simple moving average of $427.20 and a two-hundred day simple moving average of $373.79.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. During the same period last year, the business posted $5.86 EPS. The business’s revenue was down 1.6% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 21st. Cummins’s payout ratio is presently 41.52%.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares of the company’s stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 38,127 shares of company stock valued at $16,993,030 in the last ninety days. Insiders own 0.41% of the company’s stock.

About Cummins

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.