9258 Wealth Management LLC Invests $253,000 in Cummins Inc. (NYSE:CMI)

9258 Wealth Management LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 859 shares of the company’s stock, valued at approximately $253,000.

Other hedge funds have also modified their holdings of the company. Albert D Mason Inc. boosted its position in Cummins by 0.4% during the first quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock worth $2,728,000 after acquiring an additional 37 shares during the last quarter. Greenleaf Trust boosted its position in Cummins by 0.5% during the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after acquiring an additional 40 shares during the last quarter. Bison Wealth LLC boosted its position in Cummins by 3.6% during the fourth quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after acquiring an additional 42 shares during the last quarter. Edmp Inc. boosted its holdings in shares of Cummins by 0.8% in the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after purchasing an additional 46 shares during the last quarter. Finally, Patrick M Sweeney & Associates Inc. boosted its holdings in shares of Cummins by 2.4% in the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 1,956 shares of the company’s stock valued at $576,000 after purchasing an additional 46 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In related news, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other Cummins news, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jeffrey T. Wiltrout purchased 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the acquisition, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 2.1 %

Cummins stock traded up $5.82 during midday trading on Thursday, hitting $279.91. 658,216 shares of the stock were exchanged, compared to its average volume of 2,009,769. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $304.24. The firm has a market cap of $38.29 billion, a P/E ratio of 20.23, a P/E/G ratio of 1.69 and a beta of 0.99. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The company has a 50 day moving average price of $279.21 and a two-hundred day moving average price of $270.49.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. On average, sell-side analysts predict that Cummins Inc. will post 18.73 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.60%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is presently 49.19%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CMI shares. Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. Robert W. Baird decreased their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, TD Cowen raised their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $287.18.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.