Innova Wealth Partners Invests $1.14 Million in Cummins Inc. $CMI

Innova Wealth Partners purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,700 shares of the company’s stock, valued at approximately $1,140,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC increased its stake in shares of Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares during the last quarter. Avantax Advisory Services Inc. increased its stake in shares of Cummins by 6.7% in the second quarter. Avantax Advisory Services Inc. now owns 9,291 shares of the company’s stock worth $3,043,000 after acquiring an additional 580 shares during the last quarter. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Cummins by 18.4% during the second quarter. Dorsey & Whitney Trust CO LLC now owns 3,215 shares of the company’s stock worth $1,053,000 after acquiring an additional 499 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on CMI shares. Barclays boosted their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Sanford C. Bernstein set a $600.00 price target on Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. JPMorgan Chase & Co. boosted their price target on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Price Performance

NYSE CMI opened at $542.66 on Thursday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The stock’s 50-day moving average is $574.37 and its two-hundred day moving average is $498.92. The firm has a market cap of $74.97 billion, a P/E ratio of 26.45, a price-to-earnings-growth ratio of 1.72 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.16 EPS. On average, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio is presently 38.99%.

Insider Activity at Cummins

In other news, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. The trade was a 34.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Earl Newsome sold 1,300 shares of the company’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the sale, the vice president directly owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is owned by company insiders.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.