Ferguson Wellman Capital Management Inc. Invests $70.97 Million in Cummins Inc. $CMI

Ferguson Wellman Capital Management Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 99,511 shares of the company’s stock, valued at approximately $70,972,000. Ferguson Wellman Capital Management Inc. owned approximately 0.07% of Cummins as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Valmark Advisers Inc. increased its position in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after acquiring an additional 16 shares during the last quarter. Guardian Partners Inc. boosted its holdings in shares of Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares during the last quarter. Nicolet Advisory Services LLC grew its stake in shares of Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC grew its stake in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after buying an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC increased its holdings in Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after buying an additional 18 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on CMI shares. JPMorgan Chase & Co. increased their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Truist Financial set a $894.00 target price on shares of Cummins in a report on Wednesday, August 5th. Morgan Stanley raised their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Barclays boosted their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Evercore restated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $564.61 on Friday. The firm has a 50-day moving average of $647.45 and a 200-day moving average of $627.90. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock has a market cap of $77.72 billion, a PE ratio of 28.85, a P/E/G ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $6.43 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.6%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 44.97%.

Cummins 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.