2,189 Shares in Cummins Inc. $CMI Purchased by Family Legacy Financial Solutions LLC

Key Points

• Family Legacy Financial Solutions LLC has purchased 2,189 shares of Cummins Inc., valued at approximately $717,000, making Cummins the firm's 28th largest holding.
• A number of institutional investors have recently increased their stakes in Cummins, with Vanguard Group boosting its holdings by 1.9% to over $5.4 billion.
• Cummins announced an increase in its quarterly dividend to $2.00 per share, up from the previous $1.82, representing a dividend yield of 1.9%.

Family Legacy Financial Solutions LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 2,189 shares of the company's stock, valued at approximately $717,000. Cummins comprises 0.6% of Family Legacy Financial Solutions LLC's investment portfolio, making the stock its 28th largest holding.

A number of other hedge funds have also bought and sold shares of CMI. Brighton Jones LLC grew its stake in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after buying an additional 83 shares in the last quarter. Vident Advisory LLC grew its position in shares of Cummins by 1.5% during the 4th quarter. Vident Advisory LLC now owns 6,978 shares of the company's stock valued at $2,433,000 after purchasing an additional 101 shares in the last quarter. Woodline Partners LP bought a new position in shares of Cummins in the fourth quarter worth $2,872,000. Waverly Advisors LLC raised its position in shares of Cummins by 13.8% in the fourth quarter. Waverly Advisors LLC now owns 5,347 shares of the company's stock worth $1,864,000 after buying an additional 648 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Cummins by 6.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock worth $566,856,000 after buying an additional 99,009 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 in the last three months. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

Shares of NYSE:CMI traded up $2.11 on Monday, reaching $425.75. The company's stock had a trading volume of 273,476 shares, compared to its average volume of 872,740. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $428.96. The company has a market cap of $58.66 billion, a P/E ratio of 20.03, a PEG ratio of 2.05 and a beta of 1.02. The company has a 50-day simple moving average of $386.60 and a 200 day simple moving average of $339.37. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. During the same period in the previous year, the company earned $5.26 EPS. The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CMI shares. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Robert W. Baird lifted 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. Melius Research raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Finally, Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Moderate Buy" and an average price target of $389.29.

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.