EP Wealth Advisors LLC lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 80.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,390 shares of the company's stock after acquiring an additional 1,514 shares during the period. EP Wealth Advisors LLC's holdings in Cummins were worth $1,097,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins in the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. purchased a new stake in shares of Cummins in the 2nd quarter worth approximately $28,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins in the 3rd quarter worth approximately $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins in the 3rd quarter worth approximately $34,000. Finally, Gradient Investments LLC grew its stake in shares of Cummins by 290.0% in the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company's stock worth $43,000 after buying an additional 116 shares during the last quarter. Institutional investors own 83.46% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the company. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and lifted their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Robert W. Baird lifted their target price on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised Cummins from an "underweight" rating to a "neutral" rating and lifted their target price for the stock from $355.00 to $420.00 in a report on Monday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of "Hold" and a consensus target price of $352.85.
View Our Latest Stock Analysis on CMI
Insiders Place Their Bets
In other Cummins news, VP Sharon R. Barner sold 162 shares of the business's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 6,489 shares of company stock valued at $2,357,531 over the last ninety days. 0.56% of the stock is owned by insiders.
Cummins Price Performance
Shares of NYSE:CMI traded down $7.58 during mid-day trading on Wednesday, reaching $370.14. The stock had a trading volume of 1,329,645 shares, compared to its average volume of 1,419,404. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market cap of $50.78 billion, a P/E ratio of 24.45, a price-to-earnings-growth ratio of 1.84 and a beta of 0.99. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The business's 50 day moving average price is $350.70 and its 200 day moving average price is $312.03.
Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm's revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $4.73 earnings per share. Research analysts expect that Cummins Inc. will post 20.75 EPS for the current fiscal year.
Cummins Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were paid a dividend of $1.82 per share. The ex-dividend date was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.97%. Cummins's payout ratio is currently 48.08%.
Cummins Company Profile
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Free Report)
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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