Cummins Inc. (NYSE:CMI) Stake Increased by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC raised its stake in shares of Cummins Inc. (NYSE:CMI) by 7.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,424 shares of the company’s stock after acquiring an additional 96 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Cummins were worth $461,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. LRI Investments LLC bought a new stake in Cummins in the first quarter valued at about $31,000. Cetera Investment Advisers raised its position in shares of Cummins by 394.8% during the 1st quarter. Cetera Investment Advisers now owns 55,046 shares of the company’s stock valued at $16,220,000 after acquiring an additional 43,921 shares in the last quarter. Cetera Advisors LLC lifted its stake in Cummins by 162.9% during the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after purchasing an additional 14,170 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Cummins by 93.3% in the first quarter. EverSource Wealth Advisors LLC now owns 665 shares of the company’s stock worth $188,000 after purchasing an additional 321 shares during the period. Finally, GAMMA Investing LLC increased its stake in Cummins by 41.9% during the second quarter. GAMMA Investing LLC now owns 1,728 shares of the company’s stock valued at $479,000 after purchasing an additional 510 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last three months. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of several research reports. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” 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 company a “neutral” rating in a research note on Wednesday, November 6th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $337.67.

Cummins Stock Up 1.1 %

CMI stock opened at $375.25 on Friday. The firm’s 50-day moving average is $342.77 and its two-hundred day moving average is $307.25. The company has a market capitalization of $51.48 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 1.80 and a beta of 0.97. Cummins Inc. has a 52 week low of $223.35 and a 52 week high of $379.66. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the business earned $4.73 earnings per share. On average, analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.94%. Cummins’s dividend payout ratio is currently 48.08%.

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.