Krilogy Financial LLC Buys 8,450 Shares of Cummins Inc. $CMI

Key Points

• Krilogy Financial increased its Cummins stake by 304.5% in the third quarter, buying 8,450 additional shares and bringing its holdings to 11,225 shares valued at approximately $5.8 million. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with 13 Buy ratings and five Holds; Cummins has a consensus “Moderate Buy” rating and an average price target of $708.18.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, although earnings per share of $6.73 missed estimates. The company also declared a quarterly dividend of $2.20 per share, implying a 1.7% yield.

Krilogy Financial LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 304.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,225 shares of the company's stock after purchasing an additional 8,450 shares during the quarter. Krilogy Financial LLC's holdings in Cummins were worth $5,798,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of CMI. Persistent Asset Partners Ltd purchased a new stake in Cummins during the 2nd quarter worth about $26,000. Elevation Wealth Partners LLC boosted its stake in Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock valued at $33,000 after buying an additional 22 shares during the period. Cedar Mountain Advisors LLC grew its position in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after buying an additional 45 shares in the last quarter. Key Financial Inc boosted its position in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after acquiring an additional 20 shares during the last quarter. Finally, Cornerstone Financial Management LLC raised its stake in Cummins by 65.8% in the second quarter. Cornerstone Financial Management LLC now owns 63 shares of the company's stock valued at $45,000 after purchasing an additional 25 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMI. UBS Group cut their target price on shares of Cummins from $835.00 to $741.00 and set a "buy" rating for the company in a research report on Wednesday, September 30th. CICC Research initiated coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an "outperform" rating and a $781.00 price objective for the company. DA Davidson lifted their target price on shares of Cummins from $605.00 to $750.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Sanford C. Bernstein restated a "market perform" rating and set a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Finally, Citigroup dropped their price objective on Cummins from $790.00 to $630.00 and set a "buy" rating for the company in a research note on Monday. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $708.18.

Cummins Stock Up 0.3%

CMI stock opened at $529.57 on Wednesday. The firm has a market cap of $72.90 billion, a PE ratio of 27.06, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24. Cummins Inc. has a twelve month low of $400.72 and a twelve month high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business has a 50 day moving average of $562.88 and a 200 day moving average of $620.45.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $6.43 earnings per share. On average, research analysts forecast that Cummins Inc. will post 30.10 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins's dividend payout ratio (DPR) is presently 44.97%.

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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