Earned Wealth Advisors LLC Makes New Investment in Cummins Inc. (NYSE:CMI)

Key Points

• Earned Wealth Advisors LLC has invested approximately $229,000 in Cummins Inc. by acquiring 731 shares in Q1 2023, highlighting confidence in the company's performance.
• Cummins recently announced a $2.00 quarterly dividend, increasing from the previous $1.82, reflecting strong financial health with a 36.22% dividend payout ratio.
• The company's stock has increased by 1.6% and is currently trading at around $361.48, with an expected 22.54 EPS predicted for the current fiscal year.

Earned Wealth Advisors LLC bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 731 shares of the company's stock, valued at approximately $229,000.

A number of other hedge funds also recently bought and sold shares of CMI. Fiduciary Trust Co lifted its position in Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after purchasing an additional 28 shares during the last quarter. Bank of Jackson Hole Trust increased its stake in shares of Cummins by 1.2% during the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after buying an additional 33 shares during the period. Scotia Capital Inc. increased its stake in shares of Cummins by 0.5% during the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock valued at $2,104,000 after buying an additional 34 shares during the period. Ascent Group LLC increased its stake in shares of Cummins by 2.7% during the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after buying an additional 37 shares during the period. Finally, Central Pacific Bank Trust Division increased its stake in shares of Cummins by 5.0% during the first quarter. Central Pacific Bank Trust Division now owns 815 shares of the company's stock valued at $255,000 after buying an additional 39 shares during the period. Institutional investors own 83.46% of the company's stock.

Cummins Stock Up 0.8%

Shares of NYSE CMI traded up $2.96 during trading on Friday, reaching $387.57. The company had a trading volume of 932,746 shares, compared to its average volume of 1,043,067. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $391.56. The stock has a market cap of $53.40 billion, a PE ratio of 18.22, a P/E/G ratio of 1.90 and a beta of 1.02. The business's 50-day moving average is $339.84 and its 200 day moving average is $331.71. The company has a quick ratio of 0.81, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

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

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.1%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is 34.23%.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of several research analyst reports. Truist Financial boosted their target price on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday. Citigroup boosted their target price on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday. Evercore ISI reduced their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. The Goldman Sachs Group raised Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Finally, Barclays boosted their target price on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $370.83.

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.