Western Wealth Management LLC Has $1.46 Million Position in Cummins Inc. $CMI

Key Points

• Western Wealth Management increased its Cummins stake by 310.9% in the first quarter, bringing its holdings to 2,704 shares worth approximately $1.46 million. Institutional investors collectively own 83.46% of the company.
• Cummins exceeded quarterly expectations with earnings of $6.15 per share versus the $5.63 consensus and revenue of $8.40 billion. Analysts maintain a “Moderate Buy” consensus, with an average price target of $740.07.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, representing an annualized dividend of $8.80 and a yield of about 1.4%; insiders sold roughly $9.38 million of stock over the past quarter.

Western Wealth Management LLC grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 310.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,704 shares of the company's stock after purchasing an additional 2,046 shares during the period. Western Wealth Management LLC's holdings in Cummins were worth $1,455,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of CMI. Cedar Mountain Advisors LLC lifted its stake in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Activest Wealth Management grew its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after acquiring an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the 4th quarter valued at about $27,000. Key Financial Inc increased its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. purchased a new stake in shares of Cummins in the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the firm's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the company's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer owned 14,084 shares of the company's stock, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company's stock.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Truist Financial increased their target price on shares of Cummins from $815.00 to $901.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Raymond James Financial lifted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. Citigroup upped their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Finally, Weiss Ratings lowered Cummins from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $740.07.

Cummins Price Performance

Shares of CMI opened at $635.55 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm has a market cap of $87.70 billion, a PE ratio of 32.98, a PEG ratio of 1.55 and a beta of 1.22. The firm's 50 day moving average price is $670.10 and its 200 day moving average price is $622.52. Cummins Inc. has a twelve month low of $354.68 and a twelve month high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.96 earnings per share. As a group, research analysts expect that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. Cummins's dividend payout ratio (DPR) is currently 45.67%.

About Cummins

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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