Cummins Inc. $CMI Stock Position Raised by Smith Salley Wealth Management

Smith Salley Wealth Management grew its position in shares of Cummins Inc. (NYSE:CMI) by 3.3% in the 1st quarter, Holdings Channel reports. The institutional investor owned 22,489 shares of the company’s stock after acquiring an additional 721 shares during the period. Smith Salley Wealth Management’s holdings in Cummins were worth $12,100,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Thompson Investment Management Inc. bought a new position in Cummins during the fourth quarter valued at approximately $26,000. Activest Wealth Management lifted its stake in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC bought a new stake in Cummins in the fourth quarter worth approximately $27,000. Birchwood Financial Partners Inc. acquired a new position in shares of Cummins during the 4th quarter worth $28,000. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of Cummins during the 4th quarter worth $28,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the sale, the vice president directly owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last quarter. Insiders own 0.30% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $716.50 on Monday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The firm has a fifty day simple moving average of $663.00 and a 200-day simple moving average of $591.35. The stock has a market capitalization of $98.87 billion, a price-to-earnings ratio of 37.18, a PEG ratio of 1.74 and a beta of 1.24. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $5.96 EPS. On average, sell-side analysts expect that Cummins Inc. will post 29.44 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is 41.52%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CMI shares. Truist Financial set a $815.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Barclays increased their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Wells Fargo & Company raised their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $731.86.

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.