Sage Private Wealth Group LLC Makes New $273,000 Investment in Cummins Inc. $CMI

Key Points

• Sage Private Wealth Group LLC made a new investment in Cummins Inc. worth $273,000, purchasing 834 shares in the second quarter.
• Insider transactions included Director Karen H. Quintos selling 1,307 shares and VP Amy Rochelle Davis selling 5,002 shares of Cummins stock, reflecting a significant reduction in their ownership stakes.
• Analysts have shown increased confidence in Cummins, with Melius Research upgrading the stock to a "buy" rating and setting a target price of $500.00 amidst various upgrades from other firms.

Sage Private Wealth Group LLC purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund purchased 834 shares of the company's stock, valued at approximately $273,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its stake in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Cummins by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 3,801 shares of the company's stock worth $1,191,000 after buying an additional 692 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Cummins by 35.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,658 shares of the company's stock valued at $9,923,000 after buying an additional 8,261 shares during the period. Dynamic Advisor Solutions LLC grew its position in shares of Cummins by 3.6% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 1,537 shares of the company's stock valued at $482,000 after buying an additional 54 shares during the last quarter. Finally, Exchange Traded Concepts LLC raised its stake in Cummins by 898.5% during the first quarter. Exchange Traded Concepts LLC now owns 4,094 shares of the company's stock worth $1,283,000 after acquiring an additional 3,684 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,119 shares of company stock worth $17,674,285. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CMI shares. Melius Research raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Barclays increased their price target on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Citigroup boosted 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. Zacks Research raised Cummins from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 8th. Finally, Robert W. Baird raised their target price on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of "Moderate Buy" and an average price target of $407.43.

Cummins Trading Down 0.2%

NYSE:CMI opened at $422.34 on Friday. The stock has a market cap of $58.19 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 2.04 and a beta of 1.04. 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 1 year low of $260.02 and a 1 year high of $440.51. The business has a fifty day moving average of $410.61 and a 200-day moving average of $352.08.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data 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. 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 company's revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $5.26 earnings per share. Equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins's dividend payout ratio is currently 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.

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