Sequoia Financial Advisors LLC Grows Position in Cummins Inc. $CMI

Key Points

• Sequoia Financial Advisors LLC increased its Cummins stake by 35.5% in the fourth quarter, adding 1,675 shares to bring its total to 6,398 shares worth about $3.27 million.
• Analysts turned more bullish on Cummins, with several firms raising price targets; the stock now has a consensus Moderate Buy rating and an average target of $649.47.
• Cummins reported stronger-than-expected quarterly results, posting $6.15 EPS on $8.40 billion in revenue, while the stock was trading near $679.25 and has gained significant ground over the past year.

Sequoia Financial Advisors LLC boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 35.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,398 shares of the company's stock after buying an additional 1,675 shares during the period. Sequoia Financial Advisors LLC's holdings in Cummins were worth $3,266,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CMI. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company's stock valued at $13,107,000 after purchasing an additional 2,417 shares during the last quarter. New York State Teachers Retirement System raised its stake in shares of Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company's stock worth $47,268,000 after purchasing an additional 2,305 shares during the last quarter. Bailard Inc. lifted its holdings in shares of Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company's stock worth $25,270,000 after purchasing an additional 4,035 shares during the period. Fisher Asset Management LLC grew its position in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company's stock valued at $1,422,121,000 after buying an additional 91,956 shares during the last quarter. Finally, Accredited Wealth Management LLC grew its position in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company's stock valued at $1,352,000 after buying an additional 3,100 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wells Fargo & Company upped their price objective on shares of Cummins from $693.00 to $794.00 and gave the stock an "overweight" rating in a research report on Wednesday. Weiss Ratings lowered shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday. Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday. Citigroup lifted their price objective on Cummins from $710.00 to $770.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Barclays boosted their target price on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $649.47.

Cummins Stock Performance

NYSE:CMI opened at $679.25 on Friday. The firm's fifty day simple moving average is $586.92 and its 200-day simple moving average is $543.54. The company has a quick ratio of 1.16, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock has a market cap of $93.73 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 1.74 and a beta of 1.27. Cummins Inc. has a fifty-two week low of $305.13 and a fifty-two week high of $718.08.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the business earned $5.96 earnings per share. Analysts expect that Cummins Inc. will post 28.39 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Friday, February 20th. Cummins's dividend payout ratio (DPR) is presently 41.52%.

Insider Activity at Cummins

In other news, Director William I. Miller sold 18,107 shares of the business's stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director owned 34,243 shares of the company's stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Earl Newsome sold 1,300 shares of the firm's stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the transaction, the vice president directly owned 3,389 shares of the company's stock, valued at $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 33,603 shares of company stock worth $20,047,788. 0.30% of the stock is currently owned by company insiders.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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