Cummins Inc. (NYSE:CMI) Shares Bought by Cetera Investment Advisers

Cetera Investment Advisers boosted its position in shares of Cummins Inc. (NYSE:CMI) by 394.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 55,046 shares of the company’s stock after acquiring an additional 43,921 shares during the period. Cetera Investment Advisers’ holdings in Cummins were worth $16,220,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Sequoia Financial Advisors LLC lifted its position in shares of Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after buying an additional 3,866 shares during the last quarter. Beacon Financial Group lifted its position in shares of Cummins by 7.0% during the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after buying an additional 126 shares during the last quarter. KBC Group NV lifted its position in shares of Cummins by 283.2% during the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after buying an additional 57,341 shares during the last quarter. Capital Advisors Inc. OK purchased a new stake in shares of Cummins during the 4th quarter worth approximately $24,915,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after buying an additional 21,850 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cummins news, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the purchase, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 transaction of $1,113,016.80. Following the sale, the vice president now directly 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 owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on CMI shares. TD Cowen upped their price target on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group upped their price target on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Truist Financial reduced their price target on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research report on Tuesday, July 2nd. Finally, Raymond James started coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $289.91.

Cummins Stock Performance

NYSE:CMI opened at $290.36 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The stock has a market cap of $39.72 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The firm’s fifty day simple moving average is $280.08 and its 200-day simple moving average is $276.66.

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

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.51%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is presently 49.19%.

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.