Focus Partners Wealth Purchases 9,474 Shares of Cummins Inc. $CMI

Key Points

• Focus Partners Wealth increased its stake in Cummins Inc. by 37.6% after acquiring an additional 9,474 shares, bringing their total holdings to 34,639 shares valued at $10.86 million.
• Corporate insiders have sold 26,039 shares worth approximately $10.39 million in the last three months, indicating a shift in investment strategies.
• Analysts have upgraded Cummins' stock ratings, with new price targets ranging from $355.00 to $500.00, reflecting a generally optimistic outlook on the company's performance.

Focus Partners Wealth increased its position in Cummins Inc. (NYSE:CMI - Free Report) by 37.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 34,639 shares of the company's stock after purchasing an additional 9,474 shares during the quarter. Focus Partners Wealth's holdings in Cummins were worth $10,858,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Brighton Jones LLC lifted its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Cummins by 29.4% during the fourth quarter. Nuveen Asset Management LLC now owns 385,475 shares of the company's stock valued at $134,377,000 after acquiring an additional 87,505 shares during the period. NorthRock Partners LLC bought a new position in shares of Cummins during the fourth quarter valued at $273,000. Pathstone Holdings LLC lifted its holdings in shares of Cummins by 1.0% during the fourth quarter. Pathstone Holdings LLC now owns 26,762 shares of the company's stock valued at $9,329,000 after acquiring an additional 254 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Cummins by 13.7% during the fourth quarter. ProShare Advisors LLC now owns 20,079 shares of the company's stock valued at $7,000,000 after acquiring an additional 2,421 shares during the period. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company's stock, valued at $2,118,659.91. This represents a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value 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 26,039 shares of company stock worth $10,385,075 in the last three months. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on CMI. Robert W. Baird lifted their price objective on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Evercore ISI restated an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their target price for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $389.29.

Cummins Stock Performance

Shares of CMI stock opened at $410.84 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The stock has a market cap of $56.61 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 1.99 and a beta of 1.02. The stock has a 50-day moving average of $378.17 and a 200-day moving average of $337.26. Cummins Inc. has a one year low of $260.02 and a one year high of $413.77.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins's revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $5.26 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were given 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 a boost from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 37.61%.

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.

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