EverSource Wealth Advisors LLC Increases Stock Position in Cummins Inc. (NYSE:CMI)

EverSource Wealth Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 93.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 665 shares of the company’s stock after purchasing an additional 321 shares during the period. EverSource Wealth Advisors LLC’s holdings in Cummins were worth $188,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Albert D Mason Inc. lifted 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 valued at $2,728,000 after acquiring an additional 37 shares during the last quarter. Greenleaf Trust lifted its position in Cummins by 0.5% during the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after acquiring an additional 40 shares during the last quarter. Bison Wealth LLC lifted its position in Cummins by 3.6% during the fourth quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock valued at $293,000 after acquiring an additional 42 shares during the last quarter. Edmp Inc. lifted its position in Cummins by 0.8% during the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after acquiring an additional 46 shares during the last quarter. Finally, Patrick M Sweeney & Associates Inc. lifted its position in Cummins by 2.4% during the first quarter. Patrick M Sweeney & Associates Inc. now owns 1,956 shares of the company’s stock valued at $576,000 after acquiring an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI traded down $15.73 during midday trading on Friday, reaching $290.36. The company’s stock had a trading volume of 1,186,131 shares, compared to its average volume of 842,567. The firm has a market capitalization of $39.72 billion, a PE ratio of 21.26, a P/E/G ratio of 1.93 and a beta of 0.99. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83. The stock has a fifty day moving average of $280.08 and a 200 day moving average of $276.66. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the business earned $5.18 earnings per share. On average, equities analysts expect that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.51%. The ex-dividend date is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 49.19%.

Analyst Ratings Changes

CMI has been the subject of a number of analyst reports. Raymond James initiated coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Truist Financial cut their price target on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a research note on Tuesday, July 2nd. Robert W. Baird upped their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Finally, TD Cowen upped their price target 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 research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $289.91.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

About Cummins

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.