Financial Solutions Advisory Group Inc. Takes $4.82 Million Position in Cummins Inc. $CMI

Financial Solutions Advisory Group Inc. bought a new position in Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 8,965 shares of the company’s stock, valued at approximately $4,823,000. Cummins makes up about 0.7% of Financial Solutions Advisory Group Inc.’s holdings, making the stock its 27th largest holding.

Other hedge funds and other institutional investors have also modified their holdings of the company. Activest Wealth Management raised its stake in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC boosted its stake in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the 4th quarter valued at $27,000. Key Financial Inc grew its holdings in shares of Cummins by 62.5% in 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. Finally, Birchwood Financial Partners Inc. bought a new stake in shares of Cummins in the 4th quarter worth about $28,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CMI shares. Raymond James Financial lifted their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Truist Financial raised their price objective on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Finally, Evercore reiterated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $740.07.

Insider Buying and Selling

In other news, insider Brett Michael Merritt sold 701 shares of the company’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 transaction of $482,813.75. Following the transaction, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. This represents a 6.31% 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 Jennifer Mary Bush sold 5,000 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI opened at $635.55 on Friday. The business has a fifty day moving average of $670.10 and a 200-day moving average of $622.52. 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 twelve month low of $354.68 and a twelve month high of $737.76. The firm has a market cap of $87.70 billion, a PE ratio of 32.98, a price-to-earnings-growth ratio of 1.55 and a beta of 1.22.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the company earned $5.96 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. On average, equities research analysts predict that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s 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.