Ashton Thomas Private Wealth LLC Boosts Stake in Cummins Inc. $CMI

Key Points

• Ashton Thomas Private Wealth LLC significantly increased its stake in Cummins Inc. by 152.4%, acquiring an additional 3,441 shares, which brought their total holdings to 5,699 shares valued at approximately $1.78 million.
• Several institutional investors, including Bank of Jackson Hole Trust and Scotia Capital, have also recently increased their stakes in Cummins, indicating strong institutional support as they collectively own 83.46% of the company's stock.
• Cummins has declared a quarterly dividend of $2.00 per share, up from the previous $1.82, reflecting a positive growth in its dividend payout rate, which stands at 37.61%.

Ashton Thomas Private Wealth LLC raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 152.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,699 shares of the company's stock after buying an additional 3,441 shares during the period. Ashton Thomas Private Wealth LLC's holdings in Cummins were worth $1,786,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bank of Jackson Hole Trust boosted its position in Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after buying an additional 33 shares during the period. Scotia Capital Inc. boosted its position in Cummins by 0.5% in the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock valued at $2,104,000 after buying an additional 34 shares during the period. Van Hulzen Asset Management LLC boosted its position in Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company's stock valued at $872,000 after buying an additional 34 shares during the period. PKS Advisory Services LLC boosted its position in Cummins by 2.4% in the 1st quarter. PKS Advisory Services LLC now owns 1,497 shares of the company's stock valued at $469,000 after buying an additional 35 shares during the period. Finally, Ascent Group LLC boosted its position in Cummins by 2.7% in the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other news, VP Amy Rochelle Davis sold 5,002 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Andrew Smith sold 6,500 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $12,790,710. This represents a 17.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,039 shares of company stock valued at $10,385,075. Insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CMI. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Citigroup lifted their price objective on shares of Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a research report on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $389.29.

Cummins Price Performance

Shares of NYSE:CMI opened at $394.83 on Wednesday. The company's fifty day moving average price is $373.56 and its 200 day moving average price is $336.29. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $408.38. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a market capitalization of $54.40 billion, a P/E ratio of 18.56, a P/E/G ratio of 1.92 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $5.26 EPS. As a group, 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 declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Cummins Company Profile

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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