Ritholtz Wealth Management Purchases 1,145 Shares of Cummins Inc. $CMI

Ritholtz Wealth Management raised its position in shares of Cummins Inc. (NYSE:CMI) by 19.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,896 shares of the company’s stock after purchasing an additional 1,145 shares during the quarter. Ritholtz Wealth Management’s holdings in Cummins were worth $3,710,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Fisher Asset Management LLC grew its position in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC lifted its holdings in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after purchasing an additional 3,100 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in Cummins in the 3rd quarter worth approximately $11,129,000. TIAA Trust National Association grew its holdings in Cummins by 836.5% during the 3rd quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock valued at $14,832,000 after buying an additional 31,367 shares in the last quarter. Finally, Xponance Inc. grew its holdings in Cummins by 14.5% during the 3rd quarter. Xponance Inc. now owns 24,316 shares of the company’s stock valued at $10,270,000 after buying an additional 3,084 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. UBS Group reissued a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Evercore reaffirmed an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, Truist Financial set a $815.00 price objective on shares of Cummins in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $731.86.

Insider Activity

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. The trade was a 14.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Cummins stock opened at $727.12 on Friday. Cummins Inc. has a 12-month low of $319.37 and a 12-month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The firm has a 50-day moving average price of $670.68 and a 200-day moving average price of $597.08. The firm has a market capitalization of $100.33 billion, a PE ratio of 37.73, a price-to-earnings-growth ratio of 1.70 and a beta of 1.23.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the prior year, the firm posted $5.96 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, May 22nd. Cummins’s payout ratio is 41.52%.

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.