Twelve Points Wealth Management LLC Boosts Stock Position in Cummins Inc. (NYSE:CMI)

Twelve Points Wealth Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 7.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,525 shares of the company’s stock after purchasing an additional 255 shares during the period. Twelve Points Wealth Management LLC’s holdings in Cummins were worth $1,105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC raised its position in shares of Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock valued at $433,087,000 after purchasing an additional 67,266 shares during the last quarter. Fayez Sarofim & Co raised its position in shares of Cummins by 72.3% in the 4th quarter. Fayez Sarofim & Co now owns 8,195 shares of the company’s stock valued at $2,857,000 after purchasing an additional 3,440 shares during the last quarter. National Bank of Canada FI raised its position in shares of Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company’s stock valued at $28,359,000 after purchasing an additional 3,298 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after purchasing an additional 1,114 shares during the last quarter. Finally, Heritage Trust Co purchased a new position in shares of Cummins in the 4th quarter valued at approximately $1,422,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CMI. Morgan Stanley raised their price target on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Evercore ISI reduced their price target on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research report on Monday, May 19th. Citigroup reaffirmed a “buy” rating and set a $360.00 price objective (up previously from $350.00) on shares of Cummins in a research note on Tuesday, June 24th. Finally, Wall Street Zen cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $358.08.

Insiders Place Their Bets

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director owned 2,441 shares in the company, valued at $810,607.28. This represents a 69.40% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Up 0.9%

NYSE CMI opened at $330.75 on Wednesday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The business’s fifty day simple moving average is $320.95 and its 200-day simple moving average is $331.24. The firm has a market cap of $45.56 billion, a PE ratio of 16.46, a P/E/G ratio of 1.97 and a beta of 1.03.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. Cummins’s revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $5.08 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.20%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is currently 36.22%.

About Cummins

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.