Sagespring Wealth Partners LLC Has $1.40 Million Position in Cummins Inc. $CMI

Sagespring Wealth Partners LLC raised its stake in Cummins Inc. (NYSE:CMI) by 16.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,274 shares of the company’s stock after purchasing an additional 593 shares during the period. Sagespring Wealth Partners LLC’s holdings in Cummins were worth $1,400,000 at the end of the most recent quarter.

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

Cummins Trading Up 2.0%

CMI opened at $417.31 on Wednesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The company has a 50-day simple moving average of $409.04 and a 200 day simple moving average of $350.83. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $57.50 billion, a price-to-earnings ratio of 19.62, a P/E/G ratio of 1.97 and a beta of 1.04.

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

Insider Transactions at Cummins

In other news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares of the company’s stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CMI. Truist Financial boosted their target price on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Tuesday. Finally, Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $407.43.

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.