Integrated Wealth Concepts LLC Has $2.65 Million Stake in Cummins Inc. $CMI

Key Points

• Integrated Wealth Concepts LLC increased its stake in Cummins Inc. by 8.3% during the first quarter, acquiring 646 additional shares for a total value of approximately $2.65 million.
• Analysts have upgraded Cummins' stock ratings, with Goldman Sachs raising its target price from $410 to $431 and classifying it as a "buy." The overall average stock rating is a "Moderate Buy" with a target price of $389.29.
• Cummins announced a quarterly dividend increase from $1.82 to $2.00, reflecting a positive development for shareholders, with an annualized dividend yield of 2.0%.

Integrated Wealth Concepts LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 8.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 8,466 shares of the company's stock after acquiring an additional 646 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Cummins were worth $2,654,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Olde Wealth Management LLC bought a new position in shares of Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC bought a new position in shares of Cummins during the first quarter valued at approximately $31,000. Capital A Wealth Management LLC bought a new position in shares of Cummins during the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC bought a new position in shares of Cummins during the first quarter valued at approximately $37,000. Finally, Richardson Financial Services Inc. bought a new position in shares of Cummins during the first quarter valued at approximately $39,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the business's stock in a transaction on 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 sale, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,039 shares of company stock worth $10,385,075. Insiders own 0.41% of the company's stock.

Cummins Price Performance

Shares of NYSE:CMI traded down $0.19 on Friday, reaching $410.84. 935,919 shares of the company traded hands, compared to its average volume of 869,092. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $413.77. The company's 50 day moving average is $376.59 and its 200-day moving average is $337.12. The stock has a market capitalization of $56.61 billion, a PE ratio of 19.32, a P/E/G ratio of 1.96 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the prior year, the firm earned $5.26 EPS. The company's quarterly revenue was down 1.7% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CMI shares. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and upped their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Robert W. Baird increased their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Truist Financial increased their price objective on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Finally, Melius raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $389.29.

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.