Massachusetts Wealth Management Raises Stock Position in Cummins Inc. $CMI

Massachusetts Wealth Management increased its stake in Cummins Inc. (NYSE:CMI) by 2.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,857 shares of the company’s stock after acquiring an additional 135 shares during the quarter. Massachusetts Wealth Management’s holdings in Cummins were worth $1,591,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Olde Wealth Management LLC purchased a new stake in shares of Cummins during the first quarter worth $30,000. Accredited Wealth Management LLC purchased a new stake in shares of Cummins during the first quarter worth $31,000. Opal Wealth Advisors LLC purchased a new stake in shares of Cummins during the first quarter worth $37,000. Richardson Financial Services Inc. purchased a new stake in shares of Cummins during the first quarter worth $39,000. Finally, Costello Asset Management INC purchased a new stake in shares of Cummins during the first quarter worth $40,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.5%

Shares of CMI opened at $436.53 on Thursday. The stock has a market capitalization of $60.15 billion, a PE ratio of 20.52, a P/E/G ratio of 2.10 and a beta of 1.04. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company’s 50-day simple moving average is $404.89 and its 200-day simple moving average is $348.14.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The business 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%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.26 earnings per share. Analysts forecast 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. Stockholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s dividend payout ratio is currently 37.61%.

Insider Buying and Selling at Cummins

In related news, 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 transaction of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 43,119 shares of company stock valued at $17,674,285. Corporate insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CMI shares. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a report on Saturday, September 27th. Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $397.43.

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.