2,537 Cummins Inc. $CMI Shares Acquired by Noesis Capital Mangement Corp

Key Points

• Noesis Capital Management increased its Cummins stake by 7.1% in the third quarter, acquiring 2,537 shares and bringing its holdings to 38,240 shares valued at approximately $19.75 million. Institutional investors collectively own 83.46% of Cummins.
• Analyst sentiment remains positive but target prices have shifted: Cummins has a “Moderate Buy” consensus rating from 18 analysts and an average price target of $694.24, despite several recent target-price cuts.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings of $6.73 per share fell short of estimates. The company also announced a quarterly dividend of $2.20 per share, equivalent to a 1.7% yield.

Noesis Capital Mangement Corp raised its stake in Cummins Inc. (NYSE:CMI - Free Report) by 7.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,240 shares of the company's stock after acquiring an additional 2,537 shares during the period. Cummins makes up 2.3% of Noesis Capital Mangement Corp's portfolio, making the stock its 17th biggest position. Noesis Capital Mangement Corp's holdings in Cummins were worth $19,754,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Wellington Management Group LLP lifted its position in shares of Cummins by 243.5% during the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company's stock valued at $353,072,000 after buying an additional 350,910 shares in the last quarter. Fulcrum Wealth Advisors LLC lifted its stake in shares of Cummins by 611.8% during the 3rd quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company's stock valued at $8,401,000 after buying an additional 13,979 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Cummins by 45.2% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company's stock valued at $6,981,000 after buying an additional 4,538 shares in the last quarter. CWS Financial Advisors LLC boosted its holdings in Cummins by 973.2% in the 3rd quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company's stock worth $2,445,000 after buying an additional 4,292 shares during the period. Finally, Bank of America Corp DE bought a new position in Cummins in the 2nd quarter worth $1,408,353,000. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of the business's stock in a transaction that occurred on Monday, August 24th. The stock was 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 owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wells Fargo & Company lowered their price objective on Cummins from $760.00 to $608.00 and set an "overweight" rating on the stock in a research report on Monday. DA Davidson increased their target price on Cummins from $605.00 to $750.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. UBS Group decreased their target price on Cummins from $835.00 to $741.00 and set a "buy" rating on the stock in a research note on Wednesday, September 30th. Evercore dropped their price target on Cummins from $845.00 to $782.00 and set an "outperform" rating for the company in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded Cummins from a "hold" rating to a "buy" rating in a research note on Sunday. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $694.24.

Cummins Stock Performance

NYSE:CMI opened at $521.40 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock's fifty day moving average is $546.67 and its 200 day moving average is $602.74. The firm has a market capitalization of $71.78 billion, a PE ratio of 26.64, a PEG ratio of 1.37 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $413.98 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the business earned $6.43 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Dividend Announcement

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

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins' product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.

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