Wealth Enhancement Advisory Services LLC Has $22.21 Million Stock Holdings in Cummins Inc. $CMI

Wealth Enhancement Advisory Services LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 10.9% during the third quarter, HoldingsChannel reports. The firm owned 51,160 shares of the company’s stock after buying an additional 5,015 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Cummins were worth $22,212,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Osterweis Capital Management Inc. acquired a new stake in Cummins during the 2nd quarter worth $31,000. Salomon & Ludwin LLC raised its position in shares of Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the period. Tripletail Wealth Management LLC bought a new position in shares of Cummins during the 3rd quarter valued at about $39,000. CNB Bank acquired a new position in shares of Cummins in the 2nd quarter valued at approximately $43,000. Finally, SJS Investment Consulting Inc. grew its position in shares of Cummins by 1,414.3% in the 3rd quarter. SJS Investment Consulting Inc. now owns 106 shares of the company’s stock valued at $45,000 after purchasing an additional 99 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

In related news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider directly owned 9,271 shares in the company, valued at $4,536,485.72. This trade represents a 13.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,330 shares of company stock worth $9,135,364 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $581.53 on Thursday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $584.70. The company’s fifty day simple moving average is $516.47 and its 200-day simple moving average is $441.99. The firm has a market cap of $80.27 billion, a PE ratio of 30.18, a P/E/G ratio of 1.98 and a beta of 1.12. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter last year, the firm earned $5.86 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Argus raised their target price on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Raymond James Financial raised shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 price objective for the company in a research report on Monday, December 22nd. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, Barclays reiterated a “positive” rating on shares of Cummins in a report on Friday, December 19th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $514.00.

About Cummins

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.