Sendero Wealth Management LLC Has $289,000 Stock Position in Cummins Inc. $CMI

Sendero Wealth Management LLC grew its stake in shares of Cummins Inc. (NYSE:CMI) by 18.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 882 shares of the company’s stock after purchasing an additional 136 shares during the quarter. Sendero Wealth Management LLC’s holdings in Cummins were worth $289,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 in the last 90 days. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Barclays raised their price target 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 reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $393.57.

Cummins Stock Up 0.1%

Shares of NYSE CMI opened at $432.87 on Monday. The company’s 50 day moving average price is $400.74 and its 200-day moving average price is $346.10. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $437.66. The company has a market capitalization of $59.65 billion, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04.

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

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. Cummins’s dividend payout ratio is presently 37.61%.

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.