Peterson Wealth Services Boosts Stock Position in Cummins Inc. $CMI

Peterson Wealth Services grew its holdings in Cummins Inc. (NYSE:CMI) by 211.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,430 shares of the company’s stock after buying an additional 2,329 shares during the quarter. Peterson Wealth Services’ holdings in Cummins were worth $1,751,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after buying an additional 98,544 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares in the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $863,441,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of Cummins stock opened at $655.61 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The firm has a market cap of $90.47 billion, a PE ratio of 34.02, a price-to-earnings-growth ratio of 1.54 and a beta of 1.23. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $718.08. The business’s fifty day simple moving average is $646.26 and its 200-day simple moving average is $582.72.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.96 EPS. Equities analysts forecast that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s dividend payout ratio is 41.52%.

Insider Activity at Cummins

In other Cummins news, VP Nathan R. Stoner sold 607 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brett Michael Merritt sold 701 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the sale, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last quarter. 0.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $565.00 to $850.00 in a research note on Monday. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Citigroup lifted their price target on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $726.14.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.