Cummins Inc. $CMI Shares Sold by Apollon Wealth Management LLC

Key Points

• Apollon Wealth Management reduced its Cummins stake by 18.1% in the third quarter, selling 3,011 shares and retaining 13,642 shares valued at approximately $7.05 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings of $6.73 per share missed analysts’ $7.21 estimate. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $694.24.
• The company declared a quarterly dividend of $2.20 per share, equivalent to $8.80 annually and a 1.7% yield, with a payout ratio of 44.97%.

Apollon Wealth Management LLC lowered its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 18.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,642 shares of the company's stock after selling 3,011 shares during the period. Apollon Wealth Management LLC's holdings in Cummins were worth $7,047,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Persistent Asset Partners Ltd purchased a new position in Cummins during the second quarter valued at $26,000. Elevation Wealth Partners LLC grew its stake in shares of Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock worth $33,000 after acquiring an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC boosted its stake in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after purchasing an additional 45 shares in the last quarter. Key Financial Inc grew its position in Cummins by 62.5% during 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 grew its position in Cummins by 65.8% during 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. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 0.8%

Shares of CMI stock opened at $521.40 on Tuesday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12 month low of $413.98 and a 12 month high of $737.76. The stock has a market cap of $71.78 billion, a P/E ratio of 26.64, a P/E/G ratio of 1.37 and a beta of 1.24. The company has a 50 day simple moving average of $546.67 and a two-hundred day simple moving average of $602.74.

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

Cummins Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Citigroup reduced their price objective on shares of Cummins from $790.00 to $630.00 and set a "buy" rating for the company in a research note on Monday, October 12th. Morgan Stanley boosted their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. CICC Research initiated coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an "outperform" rating and a $781.00 price objective for the company. Evercore lowered their price objective on Cummins from $845.00 to $782.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. cut their target price on Cummins from $690.00 to $600.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 23rd. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $694.24.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is owned by corporate insiders.

Cummins 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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