Goelzer Investment Management Inc. Buys 6,105 Shares of Cummins Inc. $CMI

Key Points

• Goelzer Investment Management increased its Cummins stake by 180.3% in the third quarter, acquiring 6,105 additional shares and bringing its holdings to 9,491 shares valued at approximately $4.9 million. Institutional investors collectively own 83.46% of CMI.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but EPS of $6.73 missed the $7.21 consensus forecast. The company declared a $2.20 quarterly dividend, representing a 1.7% yield.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and five Holds, producing a “Moderate Buy” consensus and an average price target of $708.18 versus the reported share price of $530.72.

Goelzer Investment Management Inc. increased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 180.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,491 shares of the company's stock after acquiring an additional 6,105 shares during the quarter. Goelzer Investment Management Inc.'s holdings in Cummins were worth $4,903,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CMI. Cedar Mountain Advisors LLC boosted its stake in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Cummins during the 2nd quarter worth about $26,000. Key Financial Inc lifted its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after purchasing an additional 20 shares in the last quarter. Elevation Wealth Partners LLC lifted its position in Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock valued at $33,000 after acquiring an additional 22 shares in the last quarter. Finally, Steph & Co. lifted its position in shares of Cummins by 112.9% during the first quarter. Steph & Co. now owns 66 shares of the company's stock valued at $36,000 after purchasing an additional 35 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE:CMI opened at $530.72 on Friday. The company has a market capitalization of $73.06 billion, a P/E ratio of 27.12, a P/E/G ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 1-year low of $405.82 and a 1-year high of $737.76. The firm's 50 day simple moving average is $555.86 and its two-hundred day simple moving average is $619.86. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.33 billion. During the same quarter in the prior year, the business posted $6.43 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins's payout ratio is currently 44.97%.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. Weiss Ratings downgraded shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Monday, August 31st. Truist Financial dropped their price target on Cummins from $894.00 to $779.00 and set a "buy" rating for the company in a research note on Monday, October 5th. CICC Research assumed coverage on Cummins in a report on Sunday, August 23rd. They set an "outperform" rating and a $781.00 target price for the company. JPMorgan Chase & Co. reduced their price target on Cummins from $690.00 to $600.00 and set a "neutral" rating on the stock in a report on Wednesday, September 23rd. Finally, Wells Fargo & Company decreased their price objective on Cummins from $874.00 to $760.00 and set an "overweight" rating for the company in a report on Thursday, October 8th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $708.18.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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