Cummins Inc. $CMI Stock: Noesis Capital Mangement Corp Grows Stake

Noesis Capital Mangement Corp increased its holdings in Cummins Inc. (NYSE:CMI) by 7.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,240 shares of the company’s stock after acquiring an additional 2,537 shares during the quarter. Cummins makes up about 2.3% of Noesis Capital Mangement Corp’s investment portfolio, making the stock its 17th largest position. Noesis Capital Mangement Corp’s holdings in Cummins were worth $19,754,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Persistent Asset Partners Ltd bought a new stake in Cummins during the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC increased its holdings in shares of Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the period. Cedar Mountain Advisors LLC raised its position 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 worth $26,000 after acquiring an additional 45 shares in the last quarter. Key Financial Inc raised its position 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 acquiring an additional 20 shares in the last quarter. Finally, Cornerstone Financial Management LLC lifted its stake in shares of Cummins by 65.8% during the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock worth $45,000 after purchasing an additional 25 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CMI. DA Davidson raised their price objective on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Sunday. Bank of America decreased their price target on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company cut their price objective on shares of Cummins from $760.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $694.24.

Cummins Stock Up 0.8%

Cummins stock opened at $521.40 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock has a market capitalization of $71.78 billion, a price-to-earnings ratio of 26.64, a PEG ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 1-year low of $413.98 and a 1-year high of $737.76. The business has a fifty day moving average price of $546.67 and a 200-day moving average price of $602.74.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter last year, the firm earned $6.43 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.