Cummins Inc. $CMI Stock: Cyndeo Wealth Partners LLC Raises Stake

Cyndeo Wealth Partners LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 1,646.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 18,080 shares of the company’s stock after buying an additional 17,045 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Cummins were worth $9,340,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Cummins during the 2nd quarter valued at about $8,204,241,000. Bank of America Corp DE purchased a new position in Cummins in the second quarter worth about $1,408,353,000. Bank of New York Mellon Corp purchased a new position in Cummins in the second quarter worth about $973,198,000. Legal & General Group Plc bought a new position in shares of Cummins in the second quarter worth approximately $666,635,000. Finally, Amundi lifted its stake in shares of Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after buying an additional 147,093 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins 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 value of $399,409.56. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CMI shares. DA Davidson increased their price target on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Morgan Stanley boosted their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $708.18.

Cummins Trading Down 0.4%

Shares of CMI stock opened at $530.72 on Friday. 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 Inc. has a 12-month low of $405.82 and a 12-month high of $737.76. The stock has a market capitalization of $73.06 billion, a P/E ratio of 27.12, a P/E/G ratio of 1.41 and a beta of 1.24. The firm’s 50 day moving average is $555.86 and its 200 day moving average is $619.86.

Cummins (NYSE:CMI) last announced its earnings results 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 company had revenue of $9.46 billion for 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%. Cummins’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. Research analysts expect that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s dividend payout ratio is 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.