Novare Capital Management LLC Has $17.39 Million Position in Cummins Inc. $CMI

Novare Capital Management LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 3.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,067 shares of the company’s stock after selling 1,363 shares during the period. Cummins accounts for approximately 1.3% of Novare Capital Management LLC’s investment portfolio, making the stock its 20th biggest position. Novare Capital Management LLC’s holdings in Cummins were worth $17,390,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CMI. Thompson Investment Management Inc. bought a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Activest Wealth Management boosted its position in shares of 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 period. Flagship Wealth Advisors LLC bought a new stake in shares of Cummins in the third quarter valued at about $28,000. Ares Financial Consulting LLC bought a new stake in shares of Cummins in the fourth quarter valued at about $29,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Cummins in the second quarter valued at about $31,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Truist Financial set a $815.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Raymond James Financial boosted their target price on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Finally, Wolfe Research cut shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a research report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $677.87.

Cummins Trading Down 2.5%

CMI opened at $698.36 on Friday. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The company has a 50-day simple moving average of $601.51 and a 200 day simple moving average of $554.63. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $96.37 billion, a price-to-earnings ratio of 36.24, a P/E/G ratio of 1.81 and a beta of 1.27.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.96 earnings per share. Analysts predict that Cummins Inc. will post 28.39 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins’s dividend payout ratio is 41.52%.

Insider Buying and Selling

In other news, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at $5,784,589.20. This represents a 29.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,397 shares of company stock valued at $14,465,833 over the last three months. Insiders own 0.30% of the company’s stock.

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.