Cummins Inc. $CMI Holdings Lifted by Empirical Financial Services LLC d.b.a. Empirical Wealth Management

Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its position in shares of Cummins Inc. (NYSE:CMI) by 10.1% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 35,862 shares of the company’s stock after buying an additional 3,286 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Cummins were worth $11,745,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of CMI. Brighton Jones LLC boosted its stake in Cummins by 4.1% during 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. NBC Securities Inc. boosted its position in shares of Cummins by 113,900.0% in the 1st quarter. NBC Securities Inc. now owns 1,140 shares of the company’s stock valued at $357,000 after purchasing an additional 1,139 shares during the period. Apella Capital LLC acquired a new position in shares of Cummins in the 1st quarter valued at $375,000. Sendero Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at $234,000. Finally, Portside Wealth Group LLC acquired a new position in shares of Cummins in the 1st quarter valued at $395,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $12,790,710. The trade was a 17.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,119 shares of company stock worth $14,159,885 over the last three months. Company insiders own 0.41% of the company’s stock.

Cummins Stock Up 1.9%

Shares of Cummins stock opened at $432.81 on Friday. 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 12 month low of $260.02 and a 12 month high of $433.00. The business has a fifty day simple moving average of $399.47 and a 200 day simple moving average of $345.06. The stock has a market cap of $59.64 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04.

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

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Wells Fargo & Company raised Cummins to an “overweight” rating in a research note on Monday, August 11th. Truist Financial raised their price objective on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Finally, Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $393.57.

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.