Cambient Family Office LLC Takes $1.07 Million Position in Cummins Inc. $CMI

Key Points

• Cambient Family Office LLC opened a new position in Cummins, buying 2,091 shares valued at about $1.07 million in the fourth quarter.
• Wall Street sentiment on Cummins remains positive, with multiple firms raising targets or reiterating bullish ratings; the stock’s consensus rating is Moderate Buy with an average target price of $731.86.
• Cummins reported solid quarterly results, beating EPS estimates with $6.15 per share on revenue of $8.40 billion, and it also paid a quarterly dividend of $2.00 per share.

Cambient Family Office LLC purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,091 shares of the company's stock, valued at approximately $1,067,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Thompson Investment Management Inc. acquired a new position in shares of Cummins during the fourth quarter worth approximately $26,000. Activest Wealth Management grew its stake in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $27,000. Birchwood Financial Partners Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $28,000. Finally, Kemnay Advisory Services Inc. bought a new position in Cummins in the 4th quarter worth approximately $28,000. Institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CMI. UBS Group reaffirmed a "buy" rating on shares of Cummins in a report on Wednesday. Barclays lifted their target price on Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Zacks Research upgraded Cummins from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Evercore reaffirmed an "outperform" rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Finally, Wall Street Zen cut Cummins from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $731.86.

Cummins Price Performance

Cummins stock opened at $716.50 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $98.87 billion, a P/E ratio of 37.18, a PEG ratio of 1.75 and a beta of 1.23. The business has a 50-day moving average of $660.60 and a 200-day moving average of $589.80. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period last year, the company posted $5.96 EPS. Cummins's revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.1%. Cummins's dividend payout ratio (DPR) is 41.52%.

Insider Activity at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares in the company, valued at $7,165,755. This represents a 6.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. The trade was a 14.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is owned by corporate insiders.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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