Occidental Asset Management LLC Raises Stock Position in Cummins Inc. (NYSE:CMI)

Occidental Asset Management LLC boosted its position in Cummins Inc. (NYSE:CMI) by 7.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,171 shares of the company’s stock after purchasing an additional 889 shares during the quarter. Occidental Asset Management LLC’s holdings in Cummins were worth $3,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. WD Rutherford LLC grew its position in Cummins by 126.9% during the first quarter. WD Rutherford LLC now owns 5,292 shares of the company’s stock valued at $1,559,000 after acquiring an additional 2,960 shares during the last quarter. Atwater Malick LLC grew its holdings in shares of Cummins by 0.9% during the 1st quarter. Atwater Malick LLC now owns 36,049 shares of the company’s stock valued at $10,622,000 after purchasing an additional 335 shares during the last quarter. Norwood Financial Corp raised its position in Cummins by 5.0% in the 1st quarter. Norwood Financial Corp now owns 1,501 shares of the company’s stock worth $442,000 after purchasing an additional 71 shares during the period. Fifth Third Wealth Advisors LLC lifted its stake in Cummins by 9.4% in the first quarter. Fifth Third Wealth Advisors LLC now owns 1,761 shares of the company’s stock worth $519,000 after purchasing an additional 151 shares during the last quarter. Finally, Transform Wealth LLC lifted its stake in Cummins by 1.5% in the first quarter. Transform Wealth LLC now owns 34,293 shares of the company’s stock worth $10,104,000 after purchasing an additional 513 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Activity at Cummins

In related news, VP Marvin Boakye purchased 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The stock was purchased at an average cost of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Marvin Boakye purchased 1,745 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was acquired at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the purchase, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins Trading Down 1.3 %

Shares of NYSE CMI traded down $3.56 during mid-day trading on Friday, reaching $276.93. The company had a trading volume of 1,643,842 shares, compared to its average volume of 1,005,899. The stock has a market cap of $37.88 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 1.75 and a beta of 1.02. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $304.24. The business’s 50-day moving average is $282.30 and its 200-day moving average is $268.68. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. Equities analysts expect that Cummins Inc. will post 18.84 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.43%. Cummins’s dividend payout ratio is presently 49.19%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CMI. Raymond James started coverage on Cummins in a research note on Friday. They issued a “market perform” rating on the stock. Truist Financial reissued a “hold” rating and set a $319.00 price target on shares of Cummins in a research report on Wednesday, May 15th. Robert W. Baird decreased their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. The Goldman Sachs Group upped their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Finally, JPMorgan Chase & Co. raised their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $287.55.

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.