1,191 Cummins Inc. $CMI Shares Bought by Castle Rock Wealth Management LLC

Castle Rock Wealth Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 199.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,789 shares of the company’s stock after buying an additional 1,191 shares during the period. Castle Rock Wealth Management LLC’s holdings in Cummins were worth $924,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Valmark Advisers Inc. boosted its holdings 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 purchasing an additional 16 shares during the period. Guardian Partners Inc. increased its holdings in Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares during the period. Nicolet Advisory Services LLC raised its position in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC raised its position in Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares in the last quarter. Finally, Legacy Financial Advisors Inc. lifted its holdings in shares of Cummins by 2.0% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock worth $681,000 after buying an additional 19 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on CMI. Citigroup increased their price target on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Wells Fargo & Company dropped their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a report on Thursday. 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 research report on Friday, July 17th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $717.59.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were 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 of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Up 0.6%

Shares of CMI traded up $3.07 during trading hours on Friday, hitting $523.47. The company had a trading volume of 905,675 shares, compared to its average volume of 985,543. 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 company has a market capitalization of $72.06 billion, a PE ratio of 26.75, a price-to-earnings-growth ratio of 1.36 and a beta of 1.24. Cummins Inc. has a one year low of $400.72 and a one year high of $737.76. The company’s fifty day moving average price is $569.74 and its two-hundred day moving average price is $620.98.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share 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 company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the business earned $6.43 EPS. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were issued a $2.20 dividend. The ex-dividend date was Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) 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.