Forvis Mazars Wealth Advisors LLC Grows Position in Cummins Inc. $CMI

Key Points

• Forvis Mazars Wealth Advisors LLC increased its stake in Cummins Inc. by 19.3% in Q2, holding 10,315 shares valued at $3.38 million at the end of the reporting period.
• Several analysts have recently upgraded their price targets for Cummins, with JPMorgan raising it from $400 to $460 and Citigroup from $425 to $485, indicating a positive outlook for the stock.
• Cummins announced a quarterly dividend of $2.00 per share, which will be paid on December 4th, reflecting an annualized yield of 1.9%.

Forvis Mazars Wealth Advisors LLC grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 19.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,315 shares of the company's stock after buying an additional 1,668 shares during the period. Forvis Mazars Wealth Advisors LLC's holdings in Cummins were worth $3,378,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of CMI. Brighton Jones LLC increased its position in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after buying an additional 83 shares in the last quarter. GAMMA Investing LLC increased its position in Cummins by 22.3% during the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company's stock worth $1,191,000 after buying an additional 692 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Cummins by 35.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 31,658 shares of the company's stock worth $9,923,000 after buying an additional 8,261 shares in the last quarter. Johnson Investment Counsel Inc. increased its position in Cummins by 2.4% during the first quarter. Johnson Investment Counsel Inc. now owns 1,901 shares of the company's stock worth $596,000 after buying an additional 45 shares in the last quarter. Finally, Boston Trust Walden Corp increased its position in Cummins by 3.9% during the first quarter. Boston Trust Walden Corp now owns 5,465 shares of the company's stock worth $1,713,000 after buying an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on CMI shares. JPMorgan Chase & Co. raised their price target on Cummins from $400.00 to $460.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 14th. Robert W. Baird lifted their price objective on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Wells Fargo & Company raised Cummins to an "overweight" rating in a research report on Monday, August 11th. Melius raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Finally, Citigroup lifted their price objective on Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $407.43.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert Enright sold 1,860 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock valued at $17,674,285 in the last ninety days. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

Shares of Cummins stock opened at $411.84 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The stock has a market capitalization of $56.75 billion, a P/E ratio of 19.36, a PEG ratio of 1.99 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The business's fifty day moving average price is $411.10 and its 200 day moving average price is $352.98.

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

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins's dividend payout ratio (DPR) is presently 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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