9,824 Cummins Inc. $CMI Shares Purchased by Venture Visionary Partners LLC

Venture Visionary Partners LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 793.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 11,062 shares of the company’s stock after buying an additional 9,824 shares during the quarter. Venture Visionary Partners LLC’s holdings in Cummins were worth $5,714,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CMI. Cedar Mountain Advisors LLC increased its stake in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Cummins in the second quarter worth approximately $26,000. Key Financial Inc lifted its stake in shares of Cummins by 62.5% in 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. Elevation Wealth Partners LLC grew its holdings 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. Finally, Steph & Co. increased its position in shares of Cummins by 112.9% during the first quarter. Steph & Co. now owns 66 shares of the company’s stock valued at $36,000 after acquiring an additional 35 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI stock traded down $19.54 on Wednesday, hitting $515.77. The company had a trading volume of 1,249,804 shares, compared to its average volume of 985,853. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $400.72 and a 12-month high of $737.76. The stock has a market cap of $71.00 billion, a price-to-earnings ratio of 26.36, a P/E/G ratio of 1.37 and a beta of 1.24. The stock’s 50-day simple moving average is $572.00 and its 200 day simple moving average is $621.07.

Cummins (NYSE:CMI) last announced its earnings results 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). The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.43 earnings per share. As a group, equities research analysts expect that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. CICC Research assumed coverage on Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price on the stock. UBS Group reduced their target price on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Citigroup upped their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Bank of America dropped their price objective on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $724.29.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the firm’s 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 directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

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.