Whalen Wealth Management Inc. Makes New $266,000 Investment in Cummins Inc. $CMI

Whalen Wealth Management Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 811 shares of the company’s stock, valued at approximately $266,000.

Several other hedge funds have also recently added to or reduced their stakes in CMI. Raymond James Financial Inc. raised its holdings in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares during the last quarter. AQR Capital Management LLC raised its holdings in Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after purchasing an additional 424,294 shares during the last quarter. Nuveen LLC bought a new position in Cummins during the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. raised its holdings in Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Cummins by 74.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock worth $234,907,000 after purchasing an additional 319,277 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $441.59 on Thursday. The company has a fifty day simple moving average of $414.29 and a 200 day simple moving average of $361.15. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $442.80. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a market cap of $60.85 billion, a P/E ratio of 20.76, a PEG ratio of 1.92 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly 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. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter last year, the firm posted $5.26 EPS. Cummins’s revenue was down 1.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.8%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Analysts Set New Price Targets

CMI has been the subject of several analyst reports. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Finally, Truist Financial lifted their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average price target of $410.50.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $13,873,972.60. The trade was a 20.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction 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 transaction, 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 SEC filing for this sale provides additional information. Insiders have sold a total of 43,119 shares of company stock worth $17,674,285 in the last quarter. 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.