Cummins Inc. $CMI Shares Purchased by Everhart Financial Group Inc.

Everhart Financial Group Inc. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 1,051.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,252 shares of the company’s stock after acquiring an additional 4,796 shares during the period. Everhart Financial Group Inc.’s holdings in Cummins were worth $2,713,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in CMI. Persistent Asset Partners Ltd purchased a new stake in shares of Cummins in the second quarter worth approximately $26,000. Elevation Wealth Partners LLC boosted its position in shares of Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after buying an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC boosted its position in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares during the last quarter. Key Financial Inc grew its holdings in 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, Cornerstone Financial Management LLC raised its position in Cummins by 65.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock valued at $45,000 after buying an additional 25 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CMI. JPMorgan Chase & Co. dropped their price objective on Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 23rd. UBS Group lowered their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Wells Fargo & Company dropped their price target on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday. Bank of America cut their price target on shares of Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Finally, Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $717.59.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the company’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 sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Performance

NYSE CMI traded up $0.02 on Thursday, hitting $517.34. 555,583 shares of the stock traded hands, compared to its average volume of 983,177. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The business’s fifty day moving average is $572.00 and its two-hundred day moving average is $621.07. Cummins Inc. has a 12 month low of $400.72 and a 12 month high of $737.76. The firm has a market capitalization of $71.22 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.41 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the prior year, the company earned $6.43 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 30.13 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a $2.20 dividend. The ex-dividend date was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio is 44.97%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.