Power Wealth Management LLC Invests $961,000 in Cummins Inc. $CMI

Power Wealth Management LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,347 shares of the company’s stock, valued at approximately $961,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cedar Mountain Advisors LLC lifted its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in Cummins in the 2nd quarter valued at $26,000. Wellington Shields Capital Management LLC purchased a new position in Cummins in the 4th quarter valued at $27,000. Key Financial Inc grew its holdings in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares in the last quarter. Finally, Birchwood Financial Partners Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at about $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 1.0%

Shares of CMI opened at $545.50 on Friday. Cummins Inc. has a 12-month low of $390.11 and a 12-month high of $737.76. The firm has a market capitalization of $75.09 billion, a P/E ratio of 27.87, a P/E/G ratio of 1.49 and a beta of 1.23. The firm has a 50-day moving average price of $634.80 and a 200 day moving average price of $626.95. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the previous year, the firm earned $6.43 earnings per share. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, August 21st. Cummins’s payout ratio is currently 44.97%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CMI shares. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday. Citigroup increased their price objective on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Wells Fargo & Company raised their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Raymond James Financial upped their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Finally, UBS Group cut their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $764.54.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was 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 owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.30% of the company’s stock.

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.