QTR Family Wealth LLC Makes New $202,000 Investment in Cummins Inc. $CMI

QTR Family Wealth LLC bought a new position in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 616 shares of the company’s stock, valued at approximately $202,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Olde Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter valued at about $30,000. Accredited Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter valued at about $31,000. Opal Wealth Advisors LLC bought a new stake in shares of Cummins during the 1st quarter valued at about $37,000. Richardson Financial Services Inc. bought a new stake in shares of Cummins during the 1st quarter valued at about $39,000. Finally, Costello Asset Management INC bought a new stake in shares of Cummins during the 1st quarter valued at about $40,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $424.85 on Thursday. The company has a market cap of $58.54 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $432.50. The business has a 50 day moving average price of $398.13 and a 200-day moving average price of $344.32. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

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

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is 37.61%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a report on Monday, August 11th. Citigroup increased their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Truist Financial increased their price target on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Finally, Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average target price of $393.57.

Insider Activity at Cummins

In related news, VP Robert Enright sold 1,860 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares of the company’s stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred on 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 sale, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 in the last ninety days. Insiders own 0.41% of the company’s stock.

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.