B. Riley Wealth Advisors Inc. Buys 5,480 Shares of Cummins Inc. $CMI

B. Riley Wealth Advisors Inc. grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 311.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,238 shares of the company's stock after acquiring an additional 5,480 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Cummins were worth $3,739,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CMI. BlackRock Inc. bought a new position in Cummins during the 2nd quarter worth $8,204,241,000. Bank of America Corp DE acquired a new position in Cummins in the 2nd quarter valued at $1,408,353,000. Bank of New York Mellon Corp bought a new stake in shares of Cummins during the 2nd quarter valued at $973,198,000. Legal & General Group Plc bought a new stake in shares of Cummins during the 2nd quarter valued at $666,635,000. Finally, Amundi lifted its position in shares of Cummins by 19.7% during the 2nd quarter. Amundi now owns 893,772 shares of the company's stock valued at $637,446,000 after acquiring an additional 147,093 shares during the period. Institutional investors own 83.46% of the company's stock.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Cummins Stock Up 0.3%

Shares of NYSE:CMI opened at $529.57 on Wednesday. Cummins Inc. has a 52-week low of $400.72 and a 52-week high of $737.76. The company has a market capitalization of $72.90 billion, a PE ratio of 21.55, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a fifty day moving average of $562.88 and a 200-day moving average of $620.45.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results 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 firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the business posted $6.43 earnings per share. Cummins's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 30.10 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CMI has been the subject of several analyst reports. Wells Fargo & Company dropped their target price on shares of Cummins from $874.00 to $760.00 and set an "overweight" rating for the company in a research report on Thursday, October 8th. Zacks Research downgraded shares of Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Weiss Ratings lowered shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, August 31st. Morgan Stanley lifted their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Finally, Citigroup decreased their price objective on shares of Cummins from $790.00 to $630.00 and set a "buy" rating on the stock in a research note on Monday. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Cummins currently has a consensus rating of "Moderate Buy" and a consensus target price of $708.18.

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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