Cummins Inc. $CMI Shares Purchased by CoreCap Advisors LLC

CoreCap Advisors LLC raised its stake in Cummins Inc. (NYSE:CMI) by 8.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,290 shares of the company’s stock after purchasing an additional 1,118 shares during the period. CoreCap Advisors LLC’s holdings in Cummins were worth $7,012,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. YHB Investment Advisors Inc. increased its stake in Cummins by 6.2% during the third quarter. YHB Investment Advisors Inc. now owns 16,561 shares of the company’s stock valued at $8,117,000 after acquiring an additional 971 shares during the period. Apella Capital LLC grew its holdings in shares of Cummins by 188.6% during the 3rd quarter. Apella Capital LLC now owns 4,115 shares of the company’s stock worth $2,126,000 after purchasing an additional 2,689 shares in the last quarter. Everhart Financial Group Inc. increased its position in shares of Cummins by 1,051.8% during the third quarter. Everhart Financial Group Inc. now owns 5,252 shares of the company’s stock valued at $2,713,000 after purchasing an additional 4,796 shares during the period. Avidian Wealth Enterprises LLC increased its position in shares of Cummins by 13.1% during the third quarter. Avidian Wealth Enterprises LLC now owns 10,934 shares of the company’s stock valued at $5,296,000 after purchasing an additional 1,269 shares during the period. Finally, Quintet Private Bank Europe S.A. acquired a new position in shares of Cummins in the third quarter valued at $295,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CMI. Citigroup lifted their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. CICC Research initiated coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price on the stock. Morgan Stanley increased their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Wells Fargo & Company cut their price target on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a research note on Thursday. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $717.59.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI traded up $2.81 during midday trading on Thursday, reaching $520.13. 1,005,736 shares of the company traded hands, compared to its average volume of 985,956. Cummins Inc. has a 12 month low of $400.72 and a 12 month high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock’s 50-day simple moving average is $572.00 and its 200-day simple moving average is $621.07. The firm has a market cap of $71.60 billion, a PE ratio of 26.58, a PEG ratio of 1.41 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $6.43 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were paid a dividend of $2.20 per share. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, August 21st. Cummins’s payout ratio is currently 44.97%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.