Focus Partners Wealth Grows Holdings in Cummins Inc. $CMI

Focus Partners Wealth raised its position in Cummins Inc. (NYSE:CMI) by 143.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 145,894 shares of the company’s stock after buying an additional 85,978 shares during the period. Focus Partners Wealth’s holdings in Cummins were worth $74,472,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Brighton Jones LLC increased its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares in the last quarter. Intech Investment Management LLC increased its holdings in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina increased its holdings in Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after buying an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new position in Cummins in the second quarter valued at $225,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Cummins during the second quarter worth about $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last 90 days. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Argus boosted their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Finally, Citigroup boosted their target price on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $726.14.

Cummins Stock Up 0.0%

CMI stock opened at $659.77 on Monday. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $718.08. The stock has a market capitalization of $91.04 billion, a P/E ratio of 34.24, a P/E/G ratio of 1.61 and a beta of 1.24. 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 firm has a 50-day simple moving average of $648.43 and a 200-day simple moving average of $583.95.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the company earned $5.96 EPS. Cummins’s revenue was up 2.7% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

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.