Belpointe Asset Management LLC Purchases 49 Shares of Cummins Inc. $CMI

Belpointe Asset Management LLC increased its stake in Cummins Inc. (NYSE:CMI) by 2.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,087 shares of the company’s stock after purchasing an additional 49 shares during the period. Belpointe Asset Management LLC’s holdings in Cummins were worth $684,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Olde Wealth Management LLC acquired a new stake in shares of Cummins during the first quarter valued at about $30,000. Accredited Wealth Management LLC bought a new stake in Cummins in the first quarter worth approximately $31,000. Opal Wealth Advisors LLC bought a new stake in Cummins in the first quarter worth approximately $37,000. Richardson Financial Services Inc. bought a new stake in Cummins in the first quarter worth approximately $39,000. Finally, Costello Asset Management INC bought a new stake in shares of Cummins during the first quarter valued at approximately $40,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In related news, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock valued at $17,674,285 in the last ninety days. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CMI shares. Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $397.43.

Cummins Stock Up 0.5%

Shares of NYSE:CMI opened at $436.53 on Thursday. The stock has a fifty day simple moving average of $404.89 and a two-hundred day simple moving average of $348.14. The stock has a market capitalization of $60.15 billion, a price-to-earnings ratio of 20.52, a PEG ratio of 2.10 and a beta of 1.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

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

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a $2.00 dividend. 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 dividend yield of 1.8%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

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.