Cummins Inc. (NYSE:CMI) Shares Bought by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC grew its stake in Cummins Inc. (NYSE:CMI - Free Report) by 26.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,653 shares of the company's stock after purchasing an additional 1,592 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Cummins were worth $2,478,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of CMI. Cultivar Capital Inc. purchased a new stake in shares of Cummins during the second quarter worth $28,000. Prospera Private Wealth LLC purchased a new stake in Cummins during the 3rd quarter valued at about $32,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins in the 2nd quarter valued at about $28,000. Kathleen S. Wright Associates Inc. purchased a new position in Cummins in the 3rd quarter worth approximately $34,000. Finally, Bangor Savings Bank boosted its holdings in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company's stock worth $39,000 after purchasing an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 0.3 %

NYSE CMI traded up $1.03 during trading on Friday, reaching $379.60. 752,410 shares of the company's stock were exchanged, compared to its average volume of 519,641. The company has a 50 day moving average price of $347.40 and a two-hundred day moving average price of $309.68. The stock has a market cap of $52.07 billion, a P/E ratio of 25.07, 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 $382.86. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating 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 company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the prior year, the firm posted $4.73 earnings per share. The firm's revenue was up .3% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors 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 dividend on an annualized basis and a yield of 1.92%. Cummins's dividend payout ratio is presently 48.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CMI shares. Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Citigroup upped their price objective on shares of Cummins from $375.00 to $415.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and raised their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research note on Friday. Finally, The Goldman Sachs Group lifted their target price on shares of Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $345.15.

Insider Activity

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction 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 completion of the sale, the vice president now directly owns 20,803 shares of the company's stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 6,489 shares of company stock valued at $2,357,531 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

Cummins 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.