Mission Wealth Management LP Has $1.35 Million Position in Cummins Inc. (NYSE:CMI)

Mission Wealth Management LP decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.4% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 4,300 shares of the company’s stock after selling 62 shares during the period. Mission Wealth Management LP’s holdings in Cummins were worth $1,348,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of CMI. BankPlus Trust Department acquired a new stake in shares of Cummins in the 4th quarter worth about $26,000. Meeder Asset Management Inc. increased its holdings in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after purchasing an additional 52 shares in the last quarter. TCTC Holdings LLC bought a new stake in Cummins during the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. purchased a new stake in shares of Cummins in the fourth quarter worth approximately $30,000. Finally, Capital A Wealth Management LLC bought a new position in shares of Cummins in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.8%

NYSE:CMI opened at $322.20 on Tuesday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average is $309.15 and its 200 day moving average is $336.07. The stock has a market capitalization of $44.38 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period in the previous year, the company posted $5.08 earnings per share. The business’s revenue was down 2.7% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Insiders Place Their Bets

In related news, Director John H. Stone bought 1,000 shares of the company’s stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. Robert W. Baird decreased their price target on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. Evercore ISI cut their price objective on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating on the stock in a report on Monday, May 19th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and cut their price target for the stock from $400.00 to $240.00 in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $357.25.

Cummins Company 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.