CreativeOne Wealth LLC Has $397,000 Holdings in Cummins Inc. $CMI

CreativeOne Wealth LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 31.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,268 shares of the company’s stock after buying an additional 302 shares during the quarter. CreativeOne Wealth LLC’s holdings in Cummins were worth $397,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Fox Run Management L.L.C. acquired a new position in shares of Cummins during the first quarter worth approximately $2,749,000. Alpha Cubed Investments LLC acquired a new position in shares of Cummins during the first quarter worth approximately $440,000. Assenagon Asset Management S.A. lifted its holdings in shares of Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after buying an additional 1,114 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after buying an additional 126,362 shares during the last quarter. Finally, Artemis Investment Management LLP lifted its holdings in shares of Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after buying an additional 1,241 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of NYSE:CMI opened at $398.43 on Tuesday. The business’s fifty day moving average price is $364.99 and its two-hundred day moving average price is $335.23. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $408.38. The stock has a market capitalization of $54.90 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the prior year, the business posted $5.26 earnings per share. The business’s revenue was down 1.7% compared to the same quarter last year. As a group, analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Robert W. Baird boosted their price objective on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Citigroup boosted their price objective on Cummins from $380.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Finally, Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $370.83.

Insider Transactions at Cummins

In other news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at $12,790,710. The trade was a 17.07% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,039 shares of company stock valued at $10,385,075. 0.41% of the stock is owned by insiders.

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.