Massachusetts Wealth Management Grows Position in Cummins Inc. $CMI

Massachusetts Wealth Management raised its stake in Cummins Inc. (NYSE:CMI) by 2.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 4,857 shares of the company’s stock after acquiring an additional 135 shares during the period. Massachusetts Wealth Management’s holdings in Cummins were worth $1,591,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Olde Wealth Management LLC purchased a new position in Cummins in the first quarter valued at approximately $30,000. Accredited Wealth Management LLC purchased a new position in Cummins in the first quarter valued at approximately $31,000. Opal Wealth Advisors LLC purchased a new position in Cummins in the first quarter valued at approximately $37,000. Richardson Financial Services Inc. purchased a new position in Cummins in the first quarter valued at approximately $39,000. Finally, Costello Asset Management INC purchased a new position in Cummins in the first quarter valued at approximately $40,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CMI shares. Citigroup raised their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Barclays raised their target price on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Weiss Ratings restated a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Finally, Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $397.43.

Cummins Price Performance

Cummins stock opened at $436.53 on Thursday. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The business has a fifty day moving average of $404.89 and a two-hundred day moving average of $348.14. The company has a market cap of $60.15 billion, a P/E ratio of 20.52, a price-to-earnings-growth ratio of 2.10 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.26 EPS. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s dividend payout ratio is presently 37.61%.

Insider Buying and Selling at Cummins

In other news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,119 shares of company stock worth $17,674,285. Insiders own 0.41% of the company’s stock.

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.