Drucker Wealth 3.0 LLC Takes Position in Cummins Inc. $CMI

Drucker Wealth 3.0 LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, HoldingsChannel reports. The firm acquired 1,980 shares of the company’s stock, valued at approximately $663,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Olde Wealth Management LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC acquired a new position in Cummins during the first quarter worth $31,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter valued at $37,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the 1st quarter valued at $39,000. Finally, Costello Asset Management INC acquired a new stake in shares of Cummins in the 1st quarter valued at $40,000. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other news, VP Amy Rochelle Davis sold 5,002 shares of the company’s 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 transaction, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Andrew Smith sold 8,000 shares of the company’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $13,873,972.60. This trade represents a 20.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock valued at $17,674,285 over the last ninety days. Company insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $413.28 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. The stock has a market capitalization of $56.95 billion, a PE ratio of 19.43, a PEG ratio of 2.00 and a beta of 1.04. The stock’s fifty day moving average is $407.21 and its 200-day moving average is $349.52.

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

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s payout ratio is currently 37.61%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Barclays boosted their target price on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Finally, Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $397.43.

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.