Novare Capital Management LLC Has $16.76 Million Position in Cummins Inc. $CMI

Novare Capital Management LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 8.6% in the first quarter, HoldingsChannel.com reports. The firm owned 31,153 shares of the company’s stock after selling 2,914 shares during the period. Cummins comprises 1.3% of Novare Capital Management LLC’s holdings, making the stock its 18th largest position. Novare Capital Management LLC’s holdings in Cummins were worth $16,761,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Fisher Asset Management LLC lifted its position in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after acquiring an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC boosted its stake in Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after purchasing an additional 3,100 shares during the last quarter. Payden & Rygel bought a new stake in Cummins during the 3rd quarter worth approximately $9,757,000. Jefferies Financial Group Inc. bought a new stake in Cummins during the 3rd quarter worth approximately $11,129,000. Finally, TIAA Trust National Association raised its stake in shares of Cummins by 836.5% in the third quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock worth $14,832,000 after purchasing an additional 31,367 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CMI. Evercore restated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Morgan Stanley upped their price target on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Truist Financial set a $815.00 price target on Cummins in a research report on Wednesday, May 6th. Argus raised their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report 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 assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

Insiders Place Their Bets

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last quarter. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Performance

NYSE CMI opened at $724.23 on Tuesday. The company has a market capitalization of $99.94 billion, a PE ratio of 37.58, a price-to-earnings-growth ratio of 1.74 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $737.76. The company has a 50-day simple moving average of $665.26 and a 200 day simple moving average of $592.91.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same period in the previous year, the company earned $5.96 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 29.44 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.1%. Cummins’s dividend payout ratio is presently 41.52%.

Cummins Company Profile

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.