Drucker Wealth 3.0 LLC Boosts Stake in Cummins Inc. $CMI

Drucker Wealth 3.0 LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 97.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,911 shares of the company’s stock after acquiring an additional 1,931 shares during the period. Drucker Wealth 3.0 LLC’s holdings in Cummins were worth $1,652,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of CMI. Motley Fool Asset Management LLC raised its stake in shares of Cummins by 9.7% during the 2nd quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Cummins by 8.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after buying an additional 2,417 shares during the last quarter. New York State Teachers Retirement System raised its position in Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares during the period. Bailard Inc. boosted its stake in Cummins by 7.2% in the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Cummins by 6.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after acquiring an additional 17,566 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CMI. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Truist Financial reaffirmed a “buy” rating and set a $703.00 price target (up previously from $653.00) on shares of Cummins in a research report on Friday, February 6th. Citigroup lifted their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Wells Fargo & Company upped their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Finally, Robert W. Baird set a $580.00 target price on shares of Cummins in a research note on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Price Performance

Shares of NYSE:CMI opened at $595.31 on Wednesday. The company has a 50 day moving average of $553.76 and a 200 day moving average of $474.04. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The stock has a market cap of $82.25 billion, a P/E ratio of 29.01, a P/E/G ratio of 1.90 and a beta of 1.13. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the firm earned $5.16 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio is currently 38.99%.

Insider Transactions at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.41% of the stock is owned by corporate insiders.

Cummins 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.