HighRoad Wealth Advisors LLC Invests $842,000 in Cummins Inc. $CMI

HighRoad Wealth Advisors LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 1,650 shares of the company’s stock, valued at approximately $842,000. Cummins accounts for 0.8% of HighRoad Wealth Advisors LLC’s portfolio, making the stock its 14th largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Fisher Asset Management LLC grew its stake in shares of Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Cummins by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after purchasing an additional 7,372 shares during the period. Raymond James Financial Inc. grew its stake in shares of Cummins by 4.5% during the 3rd quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after purchasing an additional 64,822 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after purchasing an additional 488,430 shares during the period. Finally, Boston Partners acquired a new stake in shares of Cummins during the 3rd quarter worth approximately $473,471,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the sale, the vice president owned 7,214 shares of the company’s stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of Cummins stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the sale, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 over the last 90 days. Corporate insiders own 0.30% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $626.91 on Monday. The company’s fifty day moving average price is $571.31 and its 200 day moving average price is $523.68. Cummins Inc. has a 1 year low of $269.24 and a 1 year high of $628.00. The stock has a market capitalization of $86.62 billion, a P/E ratio of 30.55, a P/E/G ratio of 1.98 and a beta of 1.14. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter last year, the company earned $5.16 EPS. The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is 38.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research note on Friday, April 10th. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. Citigroup lifted their price target on shares of Cummins from $630.00 to $710.00 and gave the company a “buy” rating in a research note on Monday, April 13th. Finally, Wolfe Research cut shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a research note on Monday, January 26th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $598.47.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.