9,824 Cummins Inc. $CMI Shares Bought by Venture Visionary Partners LLC

Key Points

• Venture Visionary Partners increased its Cummins position by 793.5% in the third quarter, buying 9,824 shares and bringing its total holdings to 11,062 shares valued at approximately $5.7 million.
• Institutional ownership remains high, with hedge funds and other institutions holding 83.46% of Cummins stock. Several major investors, including Wellington Management and MassMutual, also increased their positions.
• Cummins shares fell 3.7% to $515.77 after the company missed quarterly EPS expectations, although revenue rose 9.4% year over year. The company raised its quarterly dividend to $2.20 per share, while analysts maintain a “Moderate Buy” consensus and an average price target of $724.29.

Venture Visionary Partners LLC raised its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 793.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,062 shares of the company's stock after buying an additional 9,824 shares during the period. Venture Visionary Partners LLC's holdings in Cummins were worth $5,714,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CMI. Wellington Management Group LLP increased its holdings in 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 purchasing an additional 350,910 shares during the period. Raiffeisen Bank International AG lifted its holdings in Cummins by 55.1% in the 2nd quarter. Raiffeisen Bank International AG now owns 46,817 shares of the company's stock worth $32,355,000 after buying an additional 16,623 shares during the period. Bank of America Corp DE bought a new stake in shares of Cummins in the 2nd quarter worth approximately $1,408,353,000. Nykredit A S bought a new stake in shares of Cummins in the 2nd quarter worth approximately $47,394,000. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of Cummins by 45.2% during the third 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 during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insiders Place Their Bets

In other Cummins 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 transaction, the vice president owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. This trade represents 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 this link. Company insiders own 0.30% of the company's stock.

Cummins Stock Down 3.7%

CMI traded down $19.54 during trading on Wednesday, reaching $515.77. The stock had a trading volume of 1,249,804 shares, compared to its average volume of 985,853. The stock's 50 day moving average is $572.00 and its two-hundred day moving average is $621.07. 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 company has a market capitalization of $71.00 billion, a price-to-earnings ratio of 26.36, a P/E/G ratio of 1.37 and a beta of 1.24. Cummins Inc. has a one year low of $400.72 and a one year high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its 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 the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $6.43 EPS. As a group, analysts expect that Cummins Inc. will post 30.13 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a dividend of $2.20 per share. The ex-dividend date of this dividend was Friday, August 21st. This is an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins's payout ratio is presently 44.97%.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. CICC Research assumed coverage on Cummins in a research note on Sunday, August 23rd. They issued an "outperform" rating and a $781.00 price target for the company. Weiss Ratings downgraded shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, August 31st. Morgan Stanley upped their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Evercore dropped their target price on shares of Cummins from $845.00 to $782.00 and set an "outperform" rating for the company in a research report on Tuesday, August 11th. Finally, Wells Fargo & Company boosted their price target on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $724.29.

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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