Total Wealth Planning LLC Takes Position in Cummins Inc. $CMI

Key Points

• Total Wealth Planning LLC has acquired a new stake in Cummins Inc. valued at approximately $204,000 by purchasing 622 shares during Q2.
• Cummins Inc. reported a Q2 earnings per share of $6.43, significantly beating the consensus estimate of $5.21 and achieved a revenue of $8.64 billion.
• The company has recently increased its quarterly dividend from $1.82 to $2.00 per share, reflecting a commitment to returning value to shareholders.

Total Wealth Planning LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 622 shares of the company's stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Olde Wealth Management LLC acquired a new position in shares of Cummins during the first quarter worth approximately $30,000. Accredited Wealth Management LLC acquired a new position in Cummins during the 1st quarter worth $31,000. Opal Wealth Advisors LLC acquired a new position in Cummins during the 1st quarter worth $37,000. Richardson Financial Services Inc. acquired a new position in Cummins during the 1st quarter worth $39,000. Finally, Costello Asset Management INC acquired a new stake in Cummins in the first quarter worth about $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on CMI shares. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Barclays upped their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Truist Financial upped their target price on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Finally, Evercore ISI restated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Cummins currently has a consensus rating of "Moderate Buy" and a consensus price target of $393.57.

Cummins Price Performance

Shares of NYSE:CMI opened at $418.24 on Thursday. Cummins Inc. has a one year low of $260.02 and a one year high of $432.50. The stock has a fifty day moving average of $391.38 and a 200-day moving average of $341.08. The company has a market capitalization of $57.63 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 2.05 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.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 EPS 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 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 prior year, the business posted $5.26 earnings per share. Cummins's revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's payout ratio is currently 37.61%.

Insider Activity at Cummins

In other news, CFO Mark Andrew Smith sold 1,580 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $419.00, for a total value of $662,020.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at $13,232,858. This represents a 4.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares of the company's stock, valued at $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,119 shares of company stock valued at $14,159,885. Corporate insiders own 0.41% of the company's stock.

About Cummins

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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