Summit Financial Wealth Advisors LLC Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Summit Financial Wealth Advisors LLC grew its stake in Cummins Inc. (NYSE:CMI) by 0.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,199 shares of the company’s stock after purchasing an additional 324 shares during the period. Cummins makes up approximately 2.1% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 13th biggest holding. Summit Financial Wealth Advisors LLC’s holdings in Cummins were worth $10,371,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Cummins by 3.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,343,678 shares of the company’s stock valued at $1,759,326,000 after purchasing an additional 246,025 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Cummins by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after purchasing an additional 106,017 shares during the period. Morgan Stanley increased its holdings in shares of Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after purchasing an additional 50,476 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Cummins by 6.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after purchasing an additional 96,387 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. The Goldman Sachs Group upped their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. TD Cowen upped their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. JPMorgan Chase & Co. upped their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Finally, UBS Group raised Cummins from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $287.18.

Cummins Price Performance

Shares of NYSE:CMI traded up $3.02 on Monday, hitting $269.65. The company had a trading volume of 695,037 shares, compared to its average volume of 2,039,471. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $304.24. The business has a 50 day moving average of $280.16 and a 200 day moving average of $270.07. The company has a market cap of $36.88 billion, a PE ratio of 19.52, a PEG ratio of 1.66 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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 net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. As a group, equities analysts anticipate that Cummins Inc. will post 18.81 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were given a dividend of $1.68 per share. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 annualized dividend and a yield of 2.49%. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 3,880 shares of the stock in a transaction dated Tuesday, May 7th. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now 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 currently owned by company insiders.

Cummins 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.