6,560 Shares in Cummins Inc. $CMI Bought by Hengehold Capital Management LLC

Key Points

• Hengehold Capital Management purchased 6,560 Cummins shares worth approximately $3.39 million in the third quarter, while institutional investors collectively own 83.46% of the company.
• 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 shares recently traded at $530.72, well below their 52-week high of $737.76.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings per share of $6.73 missed estimates. The company also declared a quarterly dividend of $2.20 per share, implying an annualized yield of about 1.7%.

Hengehold Capital Management LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,560 shares of the company's stock, valued at approximately $3,389,000.

Other institutional investors have also bought and sold shares of the company. Vontobel Holding Ltd. lifted its stake in Cummins by 1,436.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company's stock valued at $302,025,000 after acquiring an additional 546,613 shares in the last quarter. TD Waterhouse Canada Inc. grew its stake in shares of Cummins by 262.1% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 167,468 shares of the company's stock worth $86,509,000 after acquiring an additional 121,216 shares in the last quarter. Stronghold Wealth Management L.L.C. grew its stake in shares of Cummins by 13.4% in the 3rd quarter. Stronghold Wealth Management L.L.C. now owns 389 shares of the company's stock worth $201,000 after acquiring an additional 46 shares in the last quarter. Cyndeo Wealth Partners LLC raised its holdings in shares of Cummins by 1,646.9% in the third quarter. Cyndeo Wealth Partners LLC now owns 18,080 shares of the company's stock valued at $9,340,000 after purchasing an additional 17,045 shares during the last quarter. Finally, Aspiriant LLC raised its holdings in shares of Cummins by 7.1% in the third quarter. Aspiriant LLC now owns 709 shares of the company's stock valued at $366,000 after purchasing an additional 47 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the firm's 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 completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CMI has been the topic of several analyst reports. Morgan Stanley boosted their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Wells Fargo & Company decreased their price objective on shares of Cummins from $874.00 to $760.00 and set an "overweight" rating for the company in a research note on Thursday, October 8th. 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 on the stock. Evercore dropped their target price on shares of Cummins from $845.00 to $782.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 11th. Finally, Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Cummins has a consensus rating of "Moderate Buy" and an average target price of $708.18.

Cummins Stock Performance

Shares of NYSE:CMI traded down $2.01 during midday trading on Friday, reaching $530.72. The company had a trading volume of 1,255,487 shares, compared to its average volume of 1,127,504. The company's 50 day moving average price is $555.86 and its 200 day moving average price is $619.86. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a market cap of $73.06 billion, a P/E ratio of 27.12, a P/E/G ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 52-week low of $405.82 and a 52-week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share 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 company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company posted $6.43 EPS. Cummins's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins's dividend payout ratio is currently 44.97%.

About Cummins

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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