Journey Strategic Wealth LLC Makes New $200,000 Investment in Cummins Inc. $CMI

Journey Strategic Wealth LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, HoldingsChannel reports. The firm bought 612 shares of the company’s stock, valued at approximately $200,000.

A number of other hedge funds have also made changes to their positions in CMI. Accredited Wealth Management LLC purchased a new position in Cummins during the first quarter valued at approximately $31,000. Costello Asset Management INC acquired a new stake in shares of Cummins during the 1st quarter valued at $40,000. Wealth Preservation Advisors LLC acquired a new stake in shares of Cummins during the 1st quarter valued at $41,000. CNB Bank purchased a new position in shares of Cummins during the 2nd quarter valued at $43,000. Finally, Flaharty Asset Management LLC acquired a new position in shares of Cummins in the first quarter worth $47,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CMI has been the topic of several research reports. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial set a $628.00 price objective on Cummins and gave the stock a “buy” rating in a report on Monday. Barclays lifted their target price on shares of Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 11th. Finally, Wells Fargo & Company started coverage on shares of Cummins in a research report on Thursday, November 13th. They issued an “overweight” rating and a $599.00 target price for the company. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $476.75.

Cummins Stock Up 1.7%

Shares of CMI stock opened at $494.08 on Wednesday. The stock’s 50 day simple moving average is $437.68 and its 200 day simple moving average is $384.59. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $495.11. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market capitalization of $68.20 billion, a price-to-earnings ratio of 23.23, a PEG ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter last year, the company posted $5.86 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Buying and Selling

In other news, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares in the company, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 36,410 shares of company stock worth $16,424,574 in the last quarter. 0.41% of the stock is currently owned by company insiders.

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.