Wedmont Private Capital Acquires 94 Shares of Cummins Inc. (NYSE:CMI)

Wedmont Private Capital grew its stake in Cummins Inc. (NYSE:CMI) by 8.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,228 shares of the company’s stock after purchasing an additional 94 shares during the period. Wedmont Private Capital’s holdings in Cummins were worth $350,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CMI. Perigon Wealth Management LLC purchased a new stake in Cummins in the 4th quarter worth about $331,000. Tennessee Valley Asset Management Partners purchased a new stake in Cummins in the fourth quarter worth $195,000. Graypoint LLC lifted its position in shares of Cummins by 21.4% during the fourth quarter. Graypoint LLC now owns 1,255 shares of the company’s stock worth $301,000 after purchasing an additional 221 shares during the last quarter. Crestwood Advisors Group LLC purchased a new stake in shares of Cummins during the fourth quarter valued at $435,000. Finally, Louisiana State Employees Retirement System bought a new position in shares of Cummins in the fourth quarter worth about $2,060,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.3 %

Cummins stock traded up $0.80 during midday trading on Tuesday, reaching $291.74. The company’s stock had a trading volume of 803,008 shares, compared to its average volume of 1,844,077. The stock has a market capitalization of $39.90 billion, a P/E ratio of 21.28, a PEG ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. The stock’s 50-day simple moving average is $281.58 and its 200-day simple moving average is $279.37. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $5.18 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is presently 53.29%.

Insider Transactions at Cummins

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Marvin Boakye bought 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The disclosure for this purchase can be found here. Company insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CMI shares. TD Cowen upped their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Barclays raised their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. The Goldman Sachs Group upped their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. raised their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Finally, Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $295.00.

Cummins Company 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.