Global Financial Private Client LLC Buys New Shares in Cummins Inc. $CMI

Global Financial Private Client LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,537 shares of the company’s stock, valued at approximately $827,000.

A number of other large investors have also recently bought and sold shares of the business. Friedenthal Financial bought a new position in shares of Cummins in the 1st quarter worth about $1,077,000. Fifth Third Wealth Advisors LLC boosted its position in shares of Cummins by 77.4% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 15,596 shares of the company’s stock valued at $8,391,000 after purchasing an additional 6,807 shares in the last quarter. Brown Lisle Cummings Inc. grew its stake in Cummins by 0.4% during the first quarter. Brown Lisle Cummings Inc. now owns 10,317 shares of the company’s stock worth $5,551,000 after purchasing an additional 43 shares during the period. OP Asset Management Ltd acquired a new stake in Cummins during the first quarter worth approximately $7,518,000. Finally, Provenance Wealth Advisors LLC bought a new stake in Cummins in the first quarter worth approximately $93,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CMI has been the topic of several recent analyst reports. Raymond James Financial boosted their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Argus lifted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Evercore reiterated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Wells Fargo & Company increased their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. One research 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $731.86.

Cummins Stock Down 0.7%

Shares of NYSE:CMI opened at $694.12 on Thursday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 52-week low of $317.74 and a 52-week high of $737.76. The business’s 50 day simple moving average is $668.44 and its two-hundred day simple moving average is $595.56. The firm has a market cap of $95.78 billion, a P/E ratio of 36.02, a PEG ratio of 1.71 and a beta of 1.23.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the company posted $5.96 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider directly owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the transaction, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This represents a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 in the last ninety days. 0.30% of the stock is currently owned by corporate insiders.

About Cummins

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.