Connecticut Wealth Management LLC Buys 1,005 Shares of Cummins Inc. (NYSE:CMI)

Connecticut Wealth Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 36.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,780 shares of the company’s stock after buying an additional 1,005 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Cummins were worth $906,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Bison Wealth LLC raised its position in shares of Cummins by 3.6% in the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock valued at $293,000 after acquiring an additional 42 shares during the period. KB Financial Partners LLC boosted its position in shares of Cummins by 1.3% during the third quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock worth $819,000 after purchasing an additional 45 shares in the last quarter. Edmp Inc. grew its holdings in shares of Cummins by 0.8% in the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after buying an additional 46 shares during the period. Ledge Wealth Management Inc. increased its position in shares of Cummins by 0.5% in the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock valued at $2,165,000 after buying an additional 48 shares in the last quarter. Finally, Peloton Wealth Strategists raised its stake in Cummins by 0.4% during the 3rd quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock worth $3,227,000 after buying an additional 50 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.2 %

Shares of NYSE CMI traded up $0.45 during mid-day trading on Friday, hitting $280.74. The company had a trading volume of 1,058,929 shares, compared to its average volume of 954,800. The company has a current ratio of 1.34, a quick ratio of 0.74 and a debt-to-equity ratio of 0.57. The firm has a 50-day simple moving average of $285.39 and a two-hundred day simple moving average of $252.92. The company has a market capitalization of $38.39 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the prior year, the business earned $4.52 earnings per share. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 18.45 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.39%. The ex-dividend date was Thursday, February 22nd. Cummins’s dividend payout ratio (DPR) is currently 49.19%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CMI. Robert W. Baird lowered their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a report on Friday. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. TheStreet cut shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, Citigroup boosted their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $282.55.

Insider Buying and Selling at Cummins

In other news, Director Daniel William Fisher acquired 562 shares of the stock in a transaction dated Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the purchase, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel William Fisher acquired 562 shares of Cummins stock in a transaction on Tuesday, February 27th. The shares were bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last quarter. 0.56% of the stock is currently owned by insiders.

About Cummins

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.