Cummins Inc. $CMI Shares Bought by Robertson Stephens Wealth Management LLC

Key Points

• Robertson Stephens Wealth Management increased its Cummins stake by 512% in the third quarter, bringing its holdings to 4,217 shares valued at approximately $2.18 million. Institutional investors collectively own 83.46% of the stock.
• Analysts maintain a “Moderate Buy” consensus on Cummins, with 13 Buy ratings and five Holds and an average price target of $708.18, despite several recent target-price reductions.
• Cummins shares opened at $530.72, while the company reported quarterly EPS of $6.73—below estimates—but revenue rose 9.4% year over year to $9.46 billion. The company also declared a quarterly dividend of $2.20, equivalent to a 1.7% yield.

Robertson Stephens Wealth Management LLC increased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 512.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,217 shares of the company's stock after acquiring an additional 3,528 shares during the quarter. Robertson Stephens Wealth Management LLC's holdings in Cummins were worth $2,178,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CMI. Persistent Asset Partners Ltd bought a new position in Cummins during the 2nd quarter worth approximately $26,000. Elevation Wealth Partners LLC lifted its position in shares of Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock worth $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC boosted its stake in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after purchasing an additional 45 shares during the last quarter. Key Financial Inc boosted its stake in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. Finally, Cornerstone Financial Management LLC boosted its stake in shares of Cummins by 65.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company's stock valued at $45,000 after purchasing an additional 25 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Cummins from $690.00 to $600.00 and set a "neutral" rating for the company in a research report on Wednesday, September 23rd. Weiss Ratings lowered shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 31st. Morgan Stanley upped their price target on shares of Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. DA Davidson increased their price target on Cummins from $605.00 to $750.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Truist Financial lowered their price objective on Cummins from $894.00 to $779.00 and set a "buy" rating for the company in a research report on Monday, October 5th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of "Moderate Buy" and a consensus target price of $708.18.

Insider Activity

In other Cummins news, VP Earl Newsome sold 698 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Cummins Stock Down 0.1%

CMI stock opened at $530.72 on Monday. The stock's 50 day simple moving average is $555.86 and its 200 day simple moving average is $620.62. Cummins Inc. has a fifty-two week low of $405.82 and a fifty-two week high of $737.76. 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 market cap of $73.06 billion, a P/E ratio of 27.12, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company's revenue was up 9.4% on a year-over-year basis. During the same period last year, the business posted $6.43 EPS. On average, research analysts expect that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins's dividend payout ratio (DPR) is currently 44.97%.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins' product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.

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