Farther Finance Advisors LLC Buys 1,735 Shares of Cummins Inc. $CMI

Key Points

• Farther Finance Advisors LLC boosted its stake in Cummins Inc. (CMI) by 29.5%, buying 1,735 shares to hold 7,619 shares worth about $3.889 million according to its latest 13F filing.
• Wall Street sentiment is a Moderate Buy with a consensus target of $598.47; Citigroup raised its target to $710 and Wells Fargo to $693, and overall 11 analysts rate the stock Buy versus 6 Hold.
• Cummins recently beat quarterly estimates (EPS $5.81 vs. $5.17; revenue $8.54B vs. $8.09B), trades near its 52‑week high (~$626.91), pays a $2 quarterly dividend (annual $8, yield ~1.3%), and insiders have sold 31,195 shares (~$18.4M) in the last 90 days.

Farther Finance Advisors LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 29.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,619 shares of the company's stock after buying an additional 1,735 shares during the quarter. Farther Finance Advisors LLC's holdings in Cummins were worth $3,889,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Boston Partners bought a new stake in Cummins during the 3rd quarter valued at about $473,471,000. London Co. of Virginia bought a new stake in Cummins during the 3rd quarter valued at about $231,732,000. Bank of New York Mellon Corp lifted its holdings in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company's stock valued at $612,715,000 after buying an additional 488,430 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Cummins by 103.8% during the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company's stock valued at $280,397,000 after buying an additional 278,350 shares in the last quarter. Finally, Merewether Investment Management LP bought a new stake in shares of Cummins in the 3rd quarter valued at about $91,147,000. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent research reports. Citigroup boosted their price target on shares of Cummins from $630.00 to $710.00 and gave the company a "buy" rating in a report on Monday, April 13th. Weiss Ratings restated a "buy (b)" rating on shares of Cummins in a report on Friday, April 10th. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 28th. Wells Fargo & Company boosted their price target on shares of Cummins from $630.00 to $693.00 and gave the company an "overweight" rating in a report on Monday, April 13th. Finally, Robert W. Baird set a $580.00 price target on shares of Cummins in a report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $598.47.

Insider Transactions at Cummins

In other news, VP Amy Rochelle Davis sold 4,054 shares of Cummins stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president owned 15,807 shares of the company's stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the transaction, the vice president directly owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.30% of the stock is owned by corporate insiders.

Cummins Stock Up 3.0%

Shares of Cummins stock opened at $626.91 on Friday. The firm's 50 day moving average price is $571.31 and its 200-day moving average price is $522.29. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 52-week low of $269.24 and a 52-week high of $628.00. The company has a market cap of $86.61 billion, a P/E ratio of 30.55, a PEG ratio of 1.93 and a beta of 1.14.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the previous year, the firm earned $5.16 EPS. The company's quarterly revenue was up 1.1% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. Cummins's payout ratio is presently 38.99%.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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