Cummins Inc. $CMI Stake Lifted by Avidian Wealth Enterprises LLC

Avidian Wealth Enterprises LLC grew its stake in shares of Cummins Inc. (NYSE:CMI) by 13.1% in the third quarter, Holdings Channel reports. The fund owned 10,934 shares of the company’s stock after acquiring an additional 1,269 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Cummins were worth $5,296,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Quintet Private Bank Europe S.A. bought a new stake in shares of Cummins in the third quarter valued at $295,000. Venture Visionary Partners LLC increased its holdings in Cummins by 793.5% in the 3rd quarter. Venture Visionary Partners LLC now owns 11,062 shares of the company’s stock worth $5,714,000 after acquiring an additional 9,824 shares during the last quarter. Elevation Wealth Partners LLC raised its stake in Cummins by 319.6% in the 3rd quarter. Elevation Wealth Partners LLC now owns 193 shares of the company’s stock valued at $100,000 after acquiring an additional 147 shares during the period. Retirement Wealth Solutions LLC lifted its holdings in Cummins by 76.9% during the third quarter. Retirement Wealth Solutions LLC now owns 115 shares of the company’s stock valued at $59,000 after purchasing an additional 50 shares during the last quarter. Finally, Canandaigua National Bank & Trust Co. boosted its position in Cummins by 104.0% during the third quarter. Canandaigua National Bank & Trust Co. now owns 7,859 shares of the company’s stock worth $4,060,000 after purchasing an additional 4,006 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI stock traded down $1.29 on Thursday, reaching $516.03. The company’s stock had a trading volume of 530,044 shares, compared to its average volume of 982,869. The company has a market capitalization of $71.04 billion, a P/E ratio of 26.37, a PEG ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 12-month low of $400.72 and a 12-month high of $737.76. The stock’s 50 day simple moving average is $572.00 and its 200-day simple moving average is $621.07. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $6.43 earnings per share. As a group, equities analysts predict that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were issued a dividend of $2.20 per share. The ex-dividend date of this dividend was Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 44.97%.

Insider Buying and Selling

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Wells Fargo & Company lowered their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. cut their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Evercore decreased their price objective on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $717.59.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.