Empirical Financial Services LLC d.b.a. Empirical Wealth Management Grows Holdings in Cummins Inc. $CMI

Key Points

• Empirical Wealth Management increased its holdings in Cummins Inc. by 10.1% in the 2nd quarter, bringing their total shares to 35,862, valued at approximately $11.75 million.
• Insider trading activity included Director Karen H. Quintos selling 1,307 shares, causing a 20% decrease in her ownership, along with VP Robert Enright selling 1,860 shares, representing a 66% decrease in his position.
• Among analysts, Melius Research upgraded Cummins from "hold" to "buy," setting a new price target of $500, while the consensus rating currently stands at "Moderate Buy" with a target of $393.57.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 10.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 35,862 shares of the company's stock after buying an additional 3,286 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Cummins were worth $11,745,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fox Run Management L.L.C. acquired a new stake in shares of Cummins during the 1st quarter valued at approximately $2,749,000. Alpha Cubed Investments LLC acquired a new stake in shares of Cummins during the 1st quarter valued at approximately $440,000. Assenagon Asset Management S.A. raised its position in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock valued at $4,283,000 after acquiring an additional 1,114 shares in the last quarter. Invesco Ltd. raised its position in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock valued at $381,129,000 after acquiring an additional 126,362 shares in the last quarter. Finally, Artemis Investment Management LLP raised its position in shares of Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock valued at $2,428,000 after acquiring an additional 1,241 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares of the company's stock, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,119 shares of company stock valued at $14,159,885. Company insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

CMI has been the topic of several research reports. Barclays upped their price target on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Wells Fargo & Company raised Cummins to an "overweight" rating in a research report on Monday, August 11th. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Melius raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of "Moderate Buy" and a consensus price target of $393.57.

Cummins Price Performance

Shares of NYSE CMI opened at $432.81 on Friday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $433.00. The firm has a market capitalization of $59.64 billion, a PE ratio of 20.35, a P/E/G ratio of 2.05 and a beta of 1.04. The business's fifty day moving average price is $399.47 and its two-hundred day moving average price is $345.06. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter in the prior year, the business posted $5.26 earnings per share. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. On average, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins's dividend payout ratio (DPR) is currently 37.61%.

About Cummins

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.

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