Sequoia Financial Advisors LLC Increases Holdings in Cummins Inc. $CMI

Sequoia Financial Advisors LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 20.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,783 shares of the company’s stock after purchasing an additional 1,296 shares during the period. Sequoia Financial Advisors LLC’s holdings in Cummins were worth $5,551,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Persistent Asset Partners Ltd purchased a new stake in Cummins during the second quarter worth about $26,000. Elevation Wealth Partners LLC boosted its stake in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC boosted its stake in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of Cummins during the 4th quarter valued at approximately $27,000. Finally, Key Financial Inc increased its stake in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Wells Fargo & Company lifted their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Morgan Stanley increased their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Citigroup boosted their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Raymond James Financial upped their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Finally, Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $764.54.

Cummins Stock Performance

Shares of CMI stock opened at $556.76 on Friday. The firm’s 50 day moving average is $619.80 and its 200 day moving average is $625.13. The stock has a market capitalization of $76.64 billion, a P/E ratio of 28.45, a PEG ratio of 1.49 and a beta of 1.23. Cummins Inc. has a 12 month low of $400.72 and a 12 month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.43 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 44.97%.

About Cummins

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.