Allen Mooney & Barnes Investment Advisors LLC Raises Stock Holdings in Cummins Inc. $CMI

Key Points

• Allen Mooney & Barnes Investment Advisors LLC increased its holdings in Cummins Inc. by 1.7%, now owning 38,417 shares valued at approximately $12.58 million.
• Analysts have upgraded Cummins' stock rating, with Melius raising it from "hold" to "buy" and setting a price target of $500.00, while Citigroup increased its target from $380.00 to $425.00.
• Insider sales included VP Robert Enright selling 1,860 shares and Director Karen H. Quintos selling 1,307 shares, reflecting significant decreases in their positions.

Allen Mooney & Barnes Investment Advisors LLC boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,417 shares of the company's stock after purchasing an additional 629 shares during the quarter. Cummins comprises about 2.1% of Allen Mooney & Barnes Investment Advisors LLC's portfolio, making the stock its 19th biggest position. Allen Mooney & Barnes Investment Advisors LLC's holdings in Cummins were worth $12,582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the 1st quarter worth $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins in the 1st quarter worth $31,000. Capital A Wealth Management LLC acquired a new stake in shares of Cummins in the 4th quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter worth $37,000. Finally, Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the 1st quarter worth $39,000. Institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Melius raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Citigroup lifted their price target on Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Finally, Barclays lifted their price target on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $389.29.

Insider Buying and Selling

In related news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the sale, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,039 shares of company stock worth $10,385,075 in the last quarter. 0.41% of the stock is owned by insiders.

Cummins Price Performance

Shares of Cummins stock opened at $410.84 on Monday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $413.77. The business has a 50-day moving average price of $378.17 and a 200 day moving average price of $337.07. The firm has a market cap of $56.61 billion, a PE ratio of 19.32, a P/E/G ratio of 1.98 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. During the same period in the previous year, the firm posted $5.26 EPS. Cummins's revenue was down 1.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 37.61%.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

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