Empirical Financial Services LLC d.b.a. Empirical Wealth Management Has $10.21 Million Holdings in Cummins Inc. (NYSE:CMI)

Key Points

• Empirical Financial Services LLC significantly increased its stake in Cummins Inc. by 1,791.8% during the first quarter, owning 32,576 shares valued at approximately $10.2 million by quarter's end.
• Several institutional investors have also recently adjusted their holdings in Cummins, with a notable increase in positions during the fourth quarter, suggesting growing institutional interest in the company.
• Cummins Inc. reported $5.96 earnings per share for the last quarter, surpassing estimates, although the company experienced a 2.7% decrease in revenue year-over-year.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 1,791.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,576 shares of the company's stock after buying an additional 30,854 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Cummins were worth $10,210,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Meeder Asset Management Inc. grew its stake in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares in the last quarter. Olde Wealth Management LLC bought a new stake in shares of Cummins in the 1st quarter valued at approximately $30,000. Capital A Wealth Management LLC bought a new stake in shares of Cummins in the 4th quarter valued at approximately $32,000. Opal Wealth Advisors LLC acquired a new position in Cummins in the first quarter worth approximately $37,000. Finally, Richardson Financial Services Inc. bought a new position in Cummins during the first quarter valued at approximately $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on CMI. Citigroup reissued a "buy" rating and issued a $360.00 target price (up from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Evercore ISI cut their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Finally, Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cummins has an average rating of "Hold" and a consensus price target of $361.92.

Cummins Stock Performance

NYSE:CMI traded down $11.76 during trading hours on Friday, hitting $355.86. 882,013 shares of the company traded hands, compared to its average volume of 903,707. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The firm has a 50-day moving average of $334.30 and a 200 day moving average of $331.27. The stock has a market capitalization of $49.02 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.98 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The firm's revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the company earned $5.08 earnings per share. On average, analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 2.2%. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is 36.22%.

Insider Buying and Selling

In other Cummins news, Director John H. Stone acquired 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The stock was bought at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director owned 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.41% of the stock is currently owned by company insiders.

Cummins 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.