Connecticut Wealth Management LLC Boosts Position in Cummins Inc. (NYSE:CMI)

Connecticut Wealth Management LLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 36.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,780 shares of the company’s stock after acquiring an additional 1,005 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Cummins were worth $906,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of CMI. Vanguard Group Inc. grew its holdings in shares of Cummins by 13.1% during the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares during the period. Fisher Asset Management LLC increased its position in shares of Cummins by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after acquiring an additional 106,017 shares during the last quarter. Morgan Stanley boosted its position in shares of Cummins by 2.7% during the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after buying an additional 50,476 shares during the period. Northern Trust Corp grew its stake in shares of Cummins by 4.0% in the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after buying an additional 69,830 shares in the last quarter. Finally, Stifel Financial Corp raised its holdings in shares of Cummins by 0.9% in the 3rd quarter. Stifel Financial Corp now owns 1,599,531 shares of the company’s stock valued at $365,430,000 after buying an additional 13,634 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,100 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 over the last quarter. Company insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.2 %

CMI stock traded up $0.45 during midday trading on Friday, reaching $280.74. 1,058,929 shares of the company were exchanged, compared to its average volume of 954,800. The company has a market cap of $38.39 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 1.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.74 and a current ratio of 1.34. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24. The stock’s 50-day simple moving average is $285.39 and its 200 day simple moving average is $252.92.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.10 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Cummins’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.52 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 18.45 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.39%. Cummins’s dividend payout ratio is presently 49.19%.

Wall Street Analyst Weigh In

Several research firms have weighed in on CMI. Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $243.00 to $225.00 in a research report on Friday, January 19th. TD Cowen increased their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a report on Wednesday, February 7th. Evercore ISI boosted their price target on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Citigroup increased their price objective on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, February 12th. Finally, Robert W. Baird lowered their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research note on Friday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $282.55.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.