Cummins Inc. (NYSE:CMI) Stake Increased by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 152.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,484 shares of the company's stock after purchasing an additional 1,499 shares during the period. Axxcess Wealth Management LLC's holdings in Cummins were worth $804,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CMI. Covestor Ltd raised its holdings in Cummins by 112.6% in the third quarter. Covestor Ltd now owns 423 shares of the company's stock valued at $137,000 after acquiring an additional 224 shares in the last quarter. Essex Savings Bank raised its stake in shares of Cummins by 32.2% in the 3rd quarter. Essex Savings Bank now owns 3,287 shares of the company's stock valued at $1,064,000 after purchasing an additional 800 shares in the last quarter. Field & Main Bank lifted its position in shares of Cummins by 4.9% during the third quarter. Field & Main Bank now owns 2,460 shares of the company's stock worth $796,000 after purchasing an additional 115 shares during the last quarter. Kerusso Capital Management LLC grew its stake in Cummins by 6.4% in the third quarter. Kerusso Capital Management LLC now owns 5,521 shares of the company's stock worth $1,788,000 after purchasing an additional 332 shares in the last quarter. Finally, Assetmark Inc. increased its holdings in Cummins by 3.1% in the third quarter. Assetmark Inc. now owns 17,937 shares of the company's stock valued at $5,808,000 after buying an additional 533 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the business's stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company's stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the business's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 2,001 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now owns 20,803 shares of the company's stock, valued at $7,456,419.29. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,193 shares of company stock valued at $9,685,552. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CMI shares. Truist Financial lifted their target price on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research report on Wednesday, October 9th. Robert W. Baird lifted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and increased their target price for the stock from $294.00 to $408.00 in a report on Wednesday. Citigroup lifted their price target on shares of Cummins from $345.00 to $375.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Finally, Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $334.33.

Cummins Stock Performance

Cummins stock traded up $11.26 during mid-day trading on Wednesday, hitting $366.34. 960,094 shares of the company's stock traded hands, compared to its average volume of 1,489,289. Cummins Inc. has a one year low of $220.02 and a one year high of $370.21. The company has a market cap of $50.25 billion, a PE ratio of 24.21, a price-to-earnings-growth ratio of 1.75 and a beta of 0.97. The firm has a 50 day moving average price of $324.91 and a 200 day moving average price of $300.14. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the company posted $4.73 earnings per share. The company's quarterly revenue was up .3% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post 20.44 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.99%. Cummins's dividend payout ratio (DPR) is 48.08%.

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.