Cummins Inc. $CMI Shares Bought by Forvis Mazars Wealth Advisors LLC

Forvis Mazars Wealth Advisors LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 19.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,315 shares of the company’s stock after acquiring an additional 1,668 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in Cummins were worth $3,378,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Chicago Partners Investment Group LLC increased its position in shares of Cummins by 47.2% during the second quarter. Chicago Partners Investment Group LLC now owns 2,328 shares of the company’s stock worth $843,000 after acquiring an additional 746 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Cummins by 4.7% during the second quarter. International Assets Investment Management LLC now owns 2,878 shares of the company’s stock worth $942,000 after acquiring an additional 129 shares during the last quarter. Northern Capital Management Inc. purchased a new stake in shares of Cummins during the second quarter worth about $200,000. Novare Capital Management LLC increased its position in shares of Cummins by 1.0% during the second quarter. Novare Capital Management LLC now owns 37,179 shares of the company’s stock worth $12,176,000 after acquiring an additional 373 shares during the last quarter. Finally, Hamlin Capital Management LLC increased its position in shares of Cummins by 2.4% during the second quarter. Hamlin Capital Management LLC now owns 542,237 shares of the company’s stock worth $177,583,000 after acquiring an additional 12,624 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CMI. Citigroup lifted their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Truist Financial lifted their target price on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. Melius raised 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. Finally, Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $407.43.

Insider Activity at Cummins

In other news, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares of the company’s stock, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is owned by insiders.

Cummins Stock Down 2.6%

Shares of Cummins stock opened at $411.84 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm has a market cap of $56.75 billion, a P/E ratio of 19.36, a P/E/G ratio of 1.99 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $440.51. The business has a 50-day moving average price of $411.10 and a 200 day moving average price of $352.98.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The company 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 business’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $5.26 earnings per share. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s dividend payout ratio is 37.61%.

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.