Kaufman Rossin Wealth LLC Takes $352,000 Position in Cummins Inc. $CMI

Key Points

• Kaufman Rossin Wealth LLC acquired 1,124 shares of Cummins Inc. valued at approximately $352,000, as reported in their recent SEC filing.
• Cummins recently announced a quarterly dividend increase from $1.82 to $2.00, with a dividend yield of 2.0% and a payout ratio of 34.23%.
• The company reported a strong earnings performance with an EPS of $6.43 for the last quarter, exceeding analysts' expectations and leading to a revenue of $8.64 billion.

Kaufman Rossin Wealth LLC bought a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,124 shares of the company's stock, valued at approximately $352,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Olde Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at approximately $30,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at approximately $31,000. Capital A Wealth Management LLC acquired a new position in shares of Cummins in the 4th quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins in the 1st quarter valued at approximately $37,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of Cummins in the 1st quarter valued at approximately $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

CMI stock traded up $7.8750 during trading on Friday, reaching $402.0750. 775,198 shares of the company were exchanged, compared to its average volume of 935,740. The company has a 50-day moving average of $355.04 and a two-hundred day moving average of $334.29. The company has a market capitalization of $55.40 billion, a price-to-earnings ratio of 18.90, a P/E/G ratio of 1.94 and a beta of 1.02. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the firm posted $5.26 EPS. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 34.23%.

Insider Activity

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Karen H. Quintos sold 1,307 shares of the business'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 sale, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,179 shares of company stock worth $9,636,871. Company insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Citigroup boosted their target price on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $370.83.

Cummins Company 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.