BerganKDV Wealth Management LLC Has $5.76 Million Stock Position in Cummins Inc. (NYSE:CMI)

BerganKDV Wealth Management LLC increased its stake in Cummins Inc. (NYSE:CMIGet Rating) by 8.1% in the first quarter, Holdings Channel.com reports. The firm owned 28,084 shares of the company’s stock after purchasing an additional 2,107 shares during the quarter. BerganKDV Wealth Management LLC’s holdings in Cummins were worth $5,760,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. CWM LLC acquired a new position in Cummins in the 4th quarter worth $1,017,000. Qube Research & Technologies Ltd bought a new stake in Cummins during the 4th quarter worth about $34,793,000. Nomura Asset Management Co. Ltd. lifted its position in Cummins by 0.7% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 31,087 shares of the company’s stock worth $6,781,000 after buying an additional 218 shares in the last quarter. Fifth Third Bancorp lifted its position in Cummins by 30.8% during the 4th quarter. Fifth Third Bancorp now owns 53,634 shares of the company’s stock worth $11,700,000 after buying an additional 12,644 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in Cummins by 11.1% during the 4th quarter. Oppenheimer & Co. Inc. now owns 13,528 shares of the company’s stock worth $2,951,000 after buying an additional 1,353 shares in the last quarter. 80.50% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Cummins stock traded up $0.48 during mid-day trading on Friday, reaching $220.02. The company had a trading volume of 658,315 shares, compared to its average volume of 1,047,535. Cummins Inc. has a fifty-two week low of $184.27 and a fifty-two week high of $247.48. The company has a current ratio of 1.66, a quick ratio of 1.07 and a debt-to-equity ratio of 0.36. The company has a market cap of $31.02 billion, a P/E ratio of 15.41, a P/E/G ratio of 1.41 and a beta of 1.04. The business has a fifty day simple moving average of $203.15 and a 200 day simple moving average of $205.68.

Cummins (NYSE:CMIGet Rating) last issued its earnings results on Tuesday, August 2nd. The company reported $4.94 earnings per share for the quarter, beating analysts’ consensus estimates of $4.35 by $0.59. Cummins had a net margin of 8.26% and a return on equity of 23.41%. The firm had revenue of $6.59 billion for the quarter, compared to analyst estimates of $6.48 billion. During the same quarter last year, the business posted $4.15 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis. On average, equities research analysts predict that Cummins Inc. will post 17.59 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 19th will be given a $1.57 dividend. The ex-dividend date is Thursday, August 18th. This represents a $6.28 dividend on an annualized basis and a yield of 2.85%. This is a positive change from Cummins’s previous quarterly dividend of $1.45. Cummins’s dividend payout ratio (DPR) is currently 40.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Sanford C. Bernstein cut shares of Cummins from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $238.00 to $190.00 in a research report on Wednesday, July 20th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Cowen dropped their target price on shares of Cummins from $281.00 to $267.00 in a report on Thursday, July 7th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Cummins from $232.00 to $216.00 and set a “hold” rating on the stock in a report on Wednesday, July 13th. Finally, Cowen dropped their target price on shares of Cummins from $281.00 to $267.00 in a report on Thursday, July 7th. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $235.60.

Insider Activity

In other news, Director Franklin R. Changdiaz sold 1,560 shares of the firm’s stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $199.62, for a total transaction of $311,407.20. Following the completion of the transaction, the director now owns 4,842 shares of the company’s stock, valued at $966,560.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Sharon R. Barner sold 4,750 shares of Cummins stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $205.00, for a total transaction of $973,750.00. Following the completion of the transaction, the vice president now owns 16,348 shares of the company’s stock, valued at $3,351,340. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Franklin R. Changdiaz sold 1,560 shares of Cummins stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $199.62, for a total transaction of $311,407.20. Following the transaction, the director now directly owns 4,842 shares of the company’s stock, valued at approximately $966,560.04. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Cummins Company Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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