41,213 Cummins Inc. $CMI Shares Acquired by Signal Advisors Wealth LLC

Key Points

• Signal Advisors Wealth LLC increased its Cummins stake by 4,918% in the third quarter, acquiring 41,213 shares for a total position of 42,051 shares valued at approximately $21.7 million. Institutional investors own 83.46% of Cummins.
• Analysts maintain a generally positive view, with 13 Buy ratings and five Holds producing a consensus “Moderate Buy” rating and an average price target of $708.18.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings per share of $6.73 fell short of the $7.21 consensus estimate. The company declared a quarterly dividend of $2.20 per share, representing a 1.7% yield.

Signal Advisors Wealth LLC grew its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4,918.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,051 shares of the company's stock after buying an additional 41,213 shares during the quarter. Cummins accounts for approximately 1.0% of Signal Advisors Wealth LLC's holdings, making the stock its 20th largest position. Signal Advisors Wealth LLC's holdings in Cummins were worth $21,722,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. B. Riley Wealth Advisors Inc. increased its position in shares of Cummins by 311.7% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 7,238 shares of the company's stock valued at $3,739,000 after purchasing an additional 5,480 shares during the last quarter. Krilogy Financial LLC lifted its stake in shares of Cummins by 304.5% in the 3rd quarter. Krilogy Financial LLC now owns 11,225 shares of the company's stock worth $5,798,000 after purchasing an additional 8,450 shares during the period. Mechanics Bank Trust Department lifted its stake in shares of Cummins by 297.6% in the 3rd quarter. Mechanics Bank Trust Department now owns 1,841 shares of the company's stock worth $951,000 after purchasing an additional 1,378 shares during the period. Salvus Wealth Management LLC boosted its holdings in shares of Cummins by 1,301.2% in the third quarter. Salvus Wealth Management LLC now owns 23,863 shares of the company's stock worth $12,327,000 after buying an additional 22,160 shares during the last quarter. Finally, Downshift Financial LLC boosted its holdings in shares of Cummins by 950.0% in the third quarter. Downshift Financial LLC now owns 84 shares of the company's stock worth $43,000 after buying an additional 76 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CMI has been the subject of several recent research reports. CICC Research started coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an "outperform" rating and a $781.00 target price for the company. UBS Group dropped their price target on shares of Cummins from $835.00 to $741.00 and set a "buy" rating on the stock in a research note on Wednesday, September 30th. Morgan Stanley lifted their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Weiss Ratings lowered Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 31st. Finally, Evercore reduced their price objective on Cummins from $845.00 to $782.00 and set an "outperform" rating for the company in a research note on Tuesday, August 11th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $708.18.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.30% of the stock is currently owned by insiders.

Cummins Price Performance

NYSE:CMI opened at $529.57 on Wednesday. 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 simple moving average is $562.88 and its two-hundred day simple moving average is $620.45. The stock has a market cap of $72.90 billion, a PE ratio of 27.06, a P/E/G ratio of 1.39 and a beta of 1.24. Cummins Inc. has a 52 week low of $400.72 and a 52 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 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. During the same quarter in the previous year, the firm earned $6.43 earnings per share. Cummins's revenue was up 9.4% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 30.10 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Cummins Company 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.

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.