SteelPeak Wealth LLC Acquires New Position in Cummins Inc. $CMI

Key Points

• SteelPeak Wealth LLC acquired 5,117 Cummins shares worth approximately $2.64 million in the third quarter. Institutional investors collectively own 83.46% of the company.
• Cummins shares opened at $530.72, down 0.1%, while the company’s latest quarterly results showed revenue rising 9.4% year over year to $9.46 billion but EPS of $6.73 missed analyst expectations.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $708.18, despite several recent target reductions. Cummins also announced a quarterly dividend of $2.20 per share, representing a 1.7% yield.

SteelPeak Wealth LLC bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,117 shares of the company's stock, valued at approximately $2,643,000.

Other large investors have also recently modified their holdings of the company. IFP Advisors Inc lifted its position in shares of Cummins by 141.8% during the 3rd quarter. IFP Advisors Inc now owns 8,795 shares of the company's stock worth $4,543,000 after buying an additional 5,157 shares during the last quarter. Robertson Stephens Wealth Management LLC raised its stake in Cummins by 512.0% during the third quarter. Robertson Stephens Wealth Management LLC now owns 4,217 shares of the company's stock worth $2,178,000 after acquiring an additional 3,528 shares in the last quarter. Frank Rimerman Advisors LLC raised its stake in Cummins by 401.0% during the third quarter. Frank Rimerman Advisors LLC now owns 18,793 shares of the company's stock worth $9,708,000 after acquiring an additional 15,042 shares in the last quarter. Alpine Bank Wealth Management lifted its holdings in shares of Cummins by 12.4% in the third quarter. Alpine Bank Wealth Management now owns 562 shares of the company's stock worth $271,000 after acquiring an additional 62 shares during the last quarter. Finally, CWS Financial Advisors LLC lifted its holdings in shares of Cummins by 973.2% in the third quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company's stock worth $2,445,000 after acquiring an additional 4,292 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Down 0.1%

Shares of CMI opened at $530.72 on Monday. The company has a market capitalization of $73.06 billion, a PE ratio of 27.12, a PEG ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 12 month low of $405.82 and a 12 month high of $737.76. The stock's 50-day moving average price is $555.86 and its two-hundred day moving average price is $620.62. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter last year, the firm posted $6.43 EPS. The company's quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts anticipate that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins's dividend payout ratio is presently 44.97%.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president owned 4,479 shares of the company's stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by insiders.

Analysts Set New Price Targets

CMI has been the topic of several research reports. UBS Group decreased their price target on shares of Cummins from $835.00 to $741.00 and set a "buy" rating on the stock in a report on Wednesday, September 30th. Truist Financial dropped their price objective on shares of Cummins from $894.00 to $779.00 and set a "buy" rating for the company in a research note on Monday, October 5th. Weiss Ratings downgraded shares of Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 31st. Sanford C. Bernstein restated a "market perform" rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Finally, Bank of America decreased their target price on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $708.18.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins' product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.

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