Soltis Investment Advisors LLC Acquires 1,019 Shares of Cummins Inc. $CMI

Soltis Investment Advisors LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 69.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 2,485 shares of the company’s stock after buying an additional 1,019 shares during the period. Soltis Investment Advisors LLC’s holdings in Cummins were worth $1,284,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Valmark Advisers Inc. raised its stake in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after acquiring an additional 16 shares in the last quarter. Guardian Partners Inc. boosted its holdings in Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after purchasing an additional 16 shares during the period. Legacy Financial Advisors Inc. grew its stake in Cummins by 2.0% during the 2nd quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock worth $681,000 after purchasing an additional 19 shares in the last quarter. Sage Private Wealth Group LLC grew its stake in Cummins by 3.0% during the 3rd quarter. Sage Private Wealth Group LLC now owns 660 shares of the company’s stock worth $341,000 after purchasing an additional 19 shares in the last quarter. Finally, Ariadne Wealth Management LP increased its holdings in Cummins by 5.1% during the 1st quarter. Ariadne Wealth Management LP now owns 415 shares of the company’s stock worth $223,000 after purchasing an additional 20 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $500.75 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average price of $536.75 and a 200 day moving average price of $602.02. The company has a market cap of $68.93 billion, a P/E ratio of 25.59, a PEG ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 12 month low of $426.79 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS 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 business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same period last year, the company earned $6.43 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is currently 44.97%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. DA Davidson increased their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. UBS Group lowered their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. CICC Research started coverage on shares of Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price on the stock. Finally, Morgan Stanley raised their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $694.24.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.30% of the company’s stock.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.