2,008 Cummins Inc. $CMI Shares Bought by Focus Financial Network Inc.

Key Points

• Focus Financial Network increased its Cummins position by 320.3% in the third quarter, purchasing 2,008 additional shares for a total holding of 2,635 shares valued at approximately $1.36 million.
• Institutional investors own 83.46% of Cummins, while company insiders hold just 0.30%; a company vice president recently sold 698 shares.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but missed earnings estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $708.18, and the company declared a quarterly dividend of $2.20 per share.

Focus Financial Network Inc. grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 320.3% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,635 shares of the company's stock after acquiring an additional 2,008 shares during the period. Focus Financial Network Inc.'s holdings in Cummins were worth $1,361,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. BlackRock Inc. bought a new position in Cummins during the second quarter valued at about $8,204,241,000. Bank of America Corp DE acquired a new stake in shares of Cummins in the second quarter worth about $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in shares of Cummins in the second quarter worth about $973,198,000. Legal & General Group Plc acquired a new stake in shares of Cummins in the second quarter worth about $666,635,000. Finally, SG Americas Securities LLC boosted its stake in shares of Cummins by 257.9% during the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company's stock worth $396,343,000 after acquiring an additional 530,812 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company's stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Performance

Shares of NYSE CMI opened at $532.04 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business's 50 day moving average is $558.13 and its two-hundred day moving average is $620.48. The company has a market cap of $73.24 billion, a P/E ratio of 27.19, a P/E/G ratio of 1.38 and a beta of 1.24. Cummins Inc. has a 12 month low of $405.82 and a 12 month high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $6.43 earnings per share. On average, equities analysts expect that Cummins Inc. will post 30.10 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins's dividend payout ratio is presently 44.97%.

Analyst Ratings Changes

A number of research analysts have recently commented on CMI shares. CICC Research began coverage on Cummins in a report on Sunday, August 23rd. They set an "outperform" rating and a $781.00 price objective on the stock. Wells Fargo & Company cut their price objective on Cummins from $874.00 to $760.00 and set an "overweight" rating on the stock in a research note on Thursday, October 8th. UBS Group reduced their target price on Cummins from $835.00 to $741.00 and set a "buy" rating for the company in a report on Wednesday, September 30th. Morgan Stanley upped their target price on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Finally, Bank of America decreased their target price on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and a consensus target price of $708.18.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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