Sendero Wealth Management LLC Acquires 136 Shares of Cummins Inc. $CMI

Sendero Wealth Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 18.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 882 shares of the company’s stock after purchasing an additional 136 shares during the quarter. Sendero Wealth Management LLC’s holdings in Cummins were worth $289,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Raymond James Financial Inc. raised its holdings in shares of Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares during the last quarter. AQR Capital Management LLC increased its stake in Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after buying an additional 424,294 shares during the last quarter. Nuveen LLC bought a new position in shares of Cummins during the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. boosted its stake in shares of Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after acquiring an additional 319,277 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,119 shares of company stock worth $14,159,885 over the last quarter. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup lifted their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Finally, Robert W. Baird raised their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $393.57.

Cummins Stock Performance

NYSE CMI opened at $432.87 on Monday. The company’s 50 day simple moving average is $400.74 and its two-hundred day simple moving average is $346.10. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $437.66. The stock has a market capitalization of $59.65 billion, a PE ratio of 20.35, a P/E/G ratio of 2.09 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.26 earnings per share. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.8%. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

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.