Phoenix Wealth Advisors Buys New Stake in Cummins Inc. $CMI

Phoenix Wealth Advisors bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,650 shares of the company’s stock, valued at approximately $2,084,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital A Wealth Management LLC acquired a new position in Cummins during the fourth quarter valued at $32,000. Olde Wealth Management LLC acquired a new position in shares of Cummins in the first quarter worth about $30,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins in the first quarter worth about $31,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins in the first quarter worth about $37,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of Cummins in the first quarter worth about $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In related news, VP Jennifer Mary Bush sold 520 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $388.13, for a total transaction of $201,827.60. Following the completion of the sale, the vice president owned 15,130 shares of the company’s stock, valued at approximately $5,872,406.90. This represents a 3.32% 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, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,179 shares of company stock worth $9,636,871 in the last 90 days. 0.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Truist Financial upped their price objective on shares of Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Finally, Morgan Stanley upped their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $370.83.

Cummins Stock Up 2.0%

CMI stock opened at $402.0750 on Friday. The stock has a market capitalization of $55.40 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.90 and a beta of 1.02. The firm has a 50-day simple moving average of $355.04 and a 200-day simple moving average of $334.53. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $408.38.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.26 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 2.0%. This is a boost from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio is currently 34.23%.

About Cummins

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.