Cummins Inc. $CMI Shares Purchased by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 33.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,957 shares of the company’s stock after purchasing an additional 1,255 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Cummins were worth $2,530,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Frank Rimerman Advisors LLC lifted its holdings in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after purchasing an additional 18 shares during the period. Financial Consulate Inc. lifted its holdings in shares of Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after purchasing an additional 18 shares during the period. Gilbert & Cook Inc. lifted its holdings in shares of Cummins by 1.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company’s stock worth $947,000 after purchasing an additional 19 shares during the period. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Cummins by 2.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company’s stock worth $501,000 after purchasing an additional 20 shares during the period. Finally, Red Door Wealth Management LLC lifted its holdings in shares of Cummins by 2.3% during the fourth quarter. Red Door Wealth Management LLC now owns 878 shares of the company’s stock worth $448,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research reports. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Wells Fargo & Company lifted their price target on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research report on Friday. Finally, Morgan Stanley lifted their price target on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $677.87.

Insiders Place Their Bets

In other news, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the sale, the executive vice president directly owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 17,633 shares of company stock valued at $11,653,357. 0.30% of the stock is owned by insiders.

Cummins Stock Up 0.1%

Shares of CMI stock opened at $640.41 on Tuesday. The stock has a 50 day moving average of $614.05 and a 200 day moving average of $564.91. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market cap of $88.37 billion, a P/E ratio of 33.23, a P/E/G ratio of 1.58 and a beta of 1.27. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the business earned $5.96 earnings per share. As a group, sell-side analysts expect that Cummins Inc. will post 28.93 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd will be given a $2.00 dividend. The ex-dividend date is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is 41.52%.

Cummins 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.