Cummins Inc. $CMI Shares Acquired by Smith Salley Wealth Management

Smith Salley Wealth Management lifted its stake in Cummins Inc. (NYSE:CMI) by 1,381.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 21,768 shares of the company’s stock after purchasing an additional 20,299 shares during the quarter. Smith Salley Wealth Management’s holdings in Cummins were worth $11,111,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CMI. Fisher Asset Management LLC lifted its stake in Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cummins by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock valued at $649,280,000 after purchasing an additional 7,372 shares during the period. Raymond James Financial Inc. lifted its holdings in Cummins by 4.5% during the 3rd quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after buying an additional 64,822 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Finally, Boston Partners acquired a new stake in shares of Cummins in the third quarter valued at $473,471,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on CMI shares. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. Robert W. Baird set a $580.00 price target on Cummins in a research report on Friday, February 6th. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a research report on Monday, January 26th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Finally, Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $598.47.

Insider Activity

In other Cummins news, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares of the company’s stock, valued at $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,195 shares of company stock worth $18,397,489 over the last three months. Company insiders own 0.30% of the company’s stock.

Cummins Price Performance

CMI stock opened at $626.91 on Monday. The business has a 50 day moving average price of $571.31 and a 200 day moving average price of $523.68. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock has a market cap of $86.62 billion, a price-to-earnings ratio of 30.55, a PEG ratio of 1.98 and a beta of 1.14. Cummins Inc. has a fifty-two week low of $269.24 and a fifty-two week high of $628.00.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period in the prior year, the firm posted $5.16 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is 38.99%.

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.