Phoenix Wealth Advisors Invests $2.08 Million in Cummins Inc. $CMI

Key Points

• Phoenix Wealth Advisors has acquired a new position in Cummins Inc., purchasing 6,650 shares valued at approximately $2.08 million.
• Insider transactions indicate active trading, with Director Karen H. Quintos selling 1,307 shares for about $529,766, representing a decrease in her ownership.
• The company declared a quarterly dividend increase to $2.00 per share, up from $1.82, with a payout ratio of 34.23% and an annualized yield of 2.0%.

Phoenix Wealth Advisors bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,650 shares of the company's stock, valued at approximately $2,084,000.

Other institutional investors also recently bought and sold shares of the company. Olde Wealth Management LLC purchased a new position in Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC purchased a new position in Cummins during the first quarter valued at approximately $31,000. Capital A Wealth Management LLC purchased a new position in Cummins during the fourth quarter valued at approximately $32,000. Opal Wealth Advisors LLC purchased a new position in Cummins during the first quarter valued at approximately $37,000. Finally, Richardson Financial Services Inc. purchased a new position in Cummins during the first quarter valued at approximately $39,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on CMI. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Morgan Stanley lifted their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Citigroup raised their target price on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Finally, Robert W. Baird raised their target price on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $370.83.

Insider Buying and Selling at Cummins

In other news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 520 shares of Cummins stock in a transaction on Friday, August 8th. The stock was sold at an average price of $388.13, for a total transaction of $201,827.60. Following the sale, the vice president owned 15,130 shares of the company's stock, valued at $5,872,406.90. The trade was a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,179 shares of company stock valued at $9,636,871. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

Shares of CMI opened at $402.0750 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The company has a 50 day moving average of $355.04 and a two-hundred day moving average of $334.53. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market cap of $55.40 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 1.90 and a beta of 1.02.

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

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. Cummins's payout ratio is presently 34.23%.

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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