Cummins Inc. $CMI Stock Holdings Lifted by Steward Partners Investment Advisory LLC

Key Points

• Steward Partners Investment Advisory LLC significantly increased its holdings in Cummins Inc. by 409.9% during the first quarter, acquiring an additional 23,742 shares worth approximately $9.25 million.
• Analysts have mixed views on Cummins, with target price adjustments ranging from $315 to $380 and a general rating of "Hold" from the investment community.
• Cummins recently raised its quarterly dividend to $2.00, reflecting a positive increase from the previous dividend, with an annual yield of 2.0% and a payout ratio of 34.23%.

Steward Partners Investment Advisory LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 409.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,534 shares of the company's stock after acquiring an additional 23,742 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Cummins were worth $9,257,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CMI. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter valued at $30,000. Capital A Wealth Management LLC acquired a new position in shares of Cummins during the 4th quarter worth about $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Cummins in the 1st quarter valued at about $37,000. Richardson Financial Services Inc. purchased a new stake in shares of Cummins in the 1st quarter valued at about $39,000. Finally, Costello Asset Management INC purchased a new stake in shares of Cummins in the 1st quarter valued at about $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on CMI. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research note on Tuesday. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Robert W. Baird raised their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cummins presently has an average rating of "Hold" and an average target price of $370.83.

Insider Activity

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares of the company's stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the company's stock in a transaction 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 represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,179 shares of company stock valued at $9,636,871 over the last 90 days. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Up 2.5%

Shares of NYSE CMI traded up $9.8750 during midday trading on Friday, reaching $402.0750. 770,654 shares of the company's stock were exchanged, compared to its average volume of 881,843. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $408.38. The stock has a market capitalization of $55.40 billion, a PE ratio of 18.90, a price-to-earnings-growth ratio of 1.93 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. The business's fifty day moving average price is $353.38 and its two-hundred day moving average price is $334.27.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.0%. Cummins's dividend payout ratio is presently 37.61%.

Cummins Company 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.