Cummins Inc. $CMI Shares Bought by NewEdge Wealth LLC

Key Points

• NewEdge Wealth LLC increased its Cummins stake by 18.6% in the fourth quarter, bringing its holdings to 10,755 shares valued at about $5.49 million.
• Cummins reported strong quarterly results, posting EPS of $6.15 versus the $5.63 estimate and revenue of $8.40 billion, slightly above expectations. Revenue also rose 2.7% year over year.
• The company paid a $2.00 quarterly dividend recently, equal to $8.00 annually and a 1.2% yield, while analysts remain generally positive with a Moderate Buy consensus and a $649.47 target price.

NewEdge Wealth LLC raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 18.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,755 shares of the company's stock after acquiring an additional 1,690 shares during the period. NewEdge Wealth LLC's holdings in Cummins were worth $5,490,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Thompson Investment Management Inc. acquired a new stake in shares of Cummins during the fourth quarter worth $26,000. Activest Wealth Management lifted 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 worth $26,000 after buying an additional 43 shares during the period. Ares Financial Consulting LLC acquired a new stake in shares of Cummins during the fourth quarter worth $29,000. Holos Integrated Wealth LLC acquired a new stake in shares of Cummins during the fourth quarter worth $32,000. Finally, Palouse Capital Management Inc. acquired a new stake in shares of Cummins during the fourth quarter worth $33,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cummins news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares of the company's stock, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the transaction, the vice president directly owned 15,130 shares of the company's stock, valued at $8,849,990.90. The trade was a 22.01% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 33,603 shares of company stock valued at $20,047,788 in the last ninety days. Company insiders own 0.30% of the company's stock.

Cummins Trading Down 0.0%

Shares of Cummins stock opened at $679.25 on Monday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a fifty day moving average price of $586.92 and a 200 day moving average price of $543.54. Cummins Inc. has a 1 year low of $305.13 and a 1 year high of $718.08. The stock has a market cap of $93.73 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 1.71 and a beta of 1.27.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter last year, the company posted $5.96 earnings per share. The firm's revenue was up 2.7% compared to the same quarter last year. Equities research analysts predict that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins's payout ratio is presently 41.52%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wells Fargo & Company lifted their price objective on shares of Cummins from $693.00 to $794.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. UBS Group set a $565.00 price objective on shares of Cummins and gave the stock a "neutral" rating in a research note on Friday, February 6th. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a "market perform" rating in a research note on Friday, February 6th. Wall Street Zen downgraded shares of Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. Finally, Truist Financial set a $815.00 price objective on shares of Cummins in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $649.47.

About Cummins

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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