Modern Wealth Management LLC Buys 1,712 Shares of Cummins Inc. $CMI

Key Points

• Modern Wealth Management LLC increased its stake in Cummins Inc. by 308.5%, acquiring 1,712 shares and raising its total holdings to 2,267 shares valued at $711,000.
• Recent analyst activity includes upgrades from multiple firms, with Citigroup raising its target price for Cummins shares to $425 and Melius Research identifying it as a "buy" with a target of $500.
• Cummins recently declared a quarterly dividend of $2.00, up from $1.82, yielding approximately 1.9% for shareholders, reflecting its commitment to returning value to investors.

Modern Wealth Management LLC boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 308.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,267 shares of the company's stock after purchasing an additional 1,712 shares during the period. Modern Wealth Management LLC's holdings in Cummins were worth $711,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CMI. Brighton Jones LLC increased its holdings in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Cummins by 29.4% during the 4th quarter. Nuveen Asset Management LLC now owns 385,475 shares of the company's stock worth $134,377,000 after buying an additional 87,505 shares during the last quarter. NorthRock Partners LLC acquired a new position in shares of Cummins during the 4th quarter worth about $273,000. Pathstone Holdings LLC boosted its stake in shares of Cummins by 1.0% during the 4th quarter. Pathstone Holdings LLC now owns 26,762 shares of the company's stock worth $9,329,000 after buying an additional 254 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Cummins by 13.7% during the 4th quarter. ProShare Advisors LLC now owns 20,079 shares of the company's stock worth $7,000,000 after buying an additional 2,421 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CMI shares. Robert W. Baird increased their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Barclays increased their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Wells Fargo & Company upgraded shares of Cummins to an "overweight" rating in a research note on Monday, August 11th. Finally, Wolfe Research upgraded shares of Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $389.29.

Insiders Place Their Bets

In other Cummins news, VP Robert Enright sold 1,860 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president owned 955 shares of the company's stock, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the business's stock in a transaction 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 sale, the director directly owned 5,227 shares in the company, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 over the last three months. 0.41% of the stock is owned by corporate insiders.

Cummins Price Performance

Shares of NYSE CMI traded up $15.24 during midday trading on Thursday, reaching $427.02. The company's stock had a trading volume of 375,275 shares, compared to its average volume of 866,756. The business's 50 day moving average price is $383.16 and its two-hundred day moving average price is $338.45. The company has a market cap of $58.84 billion, a P/E ratio of 20.08, a P/E/G ratio of 2.01 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $426.00.

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

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's payout ratio is 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.