Cummins Inc. $CMI Shares Purchased by Frank Rimerman Advisors LLC

Key Points

• Frank Rimerman Advisors increased its Cummins stake by 401% in the third quarter, adding 15,042 shares to hold 18,793 shares valued at approximately $9.7 million. Institutional investors collectively own 83.46% of CMI.
• Analyst sentiment remains positive but mixed: Cummins has a consensus “Moderate Buy” rating from 18 analysts and an average price target of $708.18, despite several recent rating or target-price reductions.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings of $6.73 per share missed estimates. The company also declared a quarterly dividend of $2.20, equal to an annualized $8.80 and a 1.7% yield.

Frank Rimerman Advisors LLC lifted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 401.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,793 shares of the company's stock after purchasing an additional 15,042 shares during the quarter. Frank Rimerman Advisors LLC's holdings in Cummins were worth $9,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Alpine Bank Wealth Management raised its holdings in Cummins by 12.4% in the third quarter. Alpine Bank Wealth Management now owns 562 shares of the company's stock worth $271,000 after buying an additional 62 shares during the last quarter. CWS Financial Advisors LLC lifted its stake in shares of Cummins by 973.2% in the third quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company's stock worth $2,445,000 after buying an additional 4,292 shares in the last quarter. Fulcrum Wealth Advisors LLC grew its holdings in shares of Cummins by 611.8% during the third quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company's stock valued at $8,401,000 after buying an additional 13,979 shares during the last quarter. Kintegral Advisory LLC grew its holdings in shares of Cummins by 223.8% during the third quarter. Kintegral Advisory LLC now owns 26,140 shares of the company's stock valued at $13,503,000 after buying an additional 18,068 shares during the last quarter. Finally, Berman McAleer LLC increased its position in shares of Cummins by 121.0% during the third quarter. Berman McAleer LLC now owns 2,621 shares of the company's stock valued at $1,354,000 after acquiring an additional 1,435 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CMI. Weiss Ratings lowered shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, August 31st. Citigroup cut their target price on Cummins from $790.00 to $630.00 and set a "buy" rating on the stock in a research note on Monday, October 12th. Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a report on Saturday. Finally, CICC Research began coverage on Cummins in a research note on Sunday, August 23rd. They issued an "outperform" rating and a $781.00 price target for the company. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $708.18.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were 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 owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.30% of the company's stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $530.72 on Friday. The firm's 50-day moving average price is $555.86 and its 200-day moving average price is $619.86. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company has a market cap of $73.06 billion, a PE ratio of 27.12, a PEG ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 52-week low of $405.82 and a 52-week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $6.43 earnings per share. As a group, analysts anticipate that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins's payout ratio is 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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