Cummins Inc. $CMI Stake Raised by Global Wealth Management Investment Advisory Inc.

Global Wealth Management Investment Advisory Inc. increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 1,473.8% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,144 shares of the company’s stock after purchasing an additional 8,563 shares during the quarter. Global Wealth Management Investment Advisory Inc.’s holdings in Cummins were worth $4,723,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Persistent Asset Partners Ltd purchased a new stake in Cummins in the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC lifted its holdings in shares of Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares during the period. Cornerstone Financial Management LLC lifted its holdings in shares of Cummins by 65.8% during the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock worth $45,000 after acquiring an additional 25 shares during the period. Balance Wealth Partners LLC purchased a new position in shares of Cummins during the 3rd quarter worth about $32,000. Finally, Dunhill Financial LLC acquired a new stake in shares of Cummins in the second quarter worth approximately $46,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Cummins

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: AI data-center power demand and a strong order backlog could support growth. However, supply constraints may limit the company’s ability to meet demand. Zacks article
• Neutral Sentiment: Barclays cut its price target to $600 from $675 but maintained an Overweight rating, indicating it still sees potential upside from the referenced share price. Barclays rating information
• Neutral Sentiment: Oppenheimer maintained its Hold rating, while Wells Fargo, Citigroup and Truist also reduced their price targets; the reports provided do not specify the new targets. Oppenheimer rating Wells Fargo target report Citigroup target report Truist target report
• Negative Sentiment: JPMorgan lowered its target sharply, from $600 to $465, and moved to a Neutral rating. The bank’s target is approximately in line with the referenced share price. JPMorgan rating information
• Negative Sentiment: An analysis cited cuts to fair value estimates as analysts trimmed growth and margin expectations. Truck-market weakness is another concern alongside supply constraints. Yahoo Finance article

Cummins Stock Performance

Cummins stock opened at $466.73 on Tuesday. The company has a market cap of $64.25 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.24 and a beta of 1.26. Cummins Inc. has a 12 month low of $443.62 and a 12 month high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock’s 50-day moving average is $524.50 and its 200-day moving average is $599.03.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. The business had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.89 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.59 EPS. Equities analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s payout ratio is 36.73%.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CMI. JPMorgan Chase & Co. lowered their target price on shares of Cummins from $600.00 to $465.00 and set a “neutral” rating for the company in a report on Friday. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Tuesday. Bank of America cut their price target on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Wells Fargo & Company lowered their price objective on shares of Cummins from $608.00 to $520.00 and set an “overweight” rating for the company in a research note on Friday. Finally, DA Davidson boosted their price objective on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $662.18.

Cummins Profile

Cummins Inc is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications.

The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.