Peterson Wealth Services Purchases 141 Shares of Cummins Inc. $CMI

Peterson Wealth Services grew its position in Cummins Inc. (NYSE:CMI) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,403 shares of the company’s stock after acquiring an additional 141 shares during the period. Peterson Wealth Services’ holdings in Cummins were worth $1,115,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Raymond James Financial Inc. increased its position in Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares during the period. AQR Capital Management LLC boosted its stake in shares of Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after purchasing an additional 424,294 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. raised its stake in shares of Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after buying an additional 319,277 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on the stock. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. JPMorgan Chase & Co. upped their price objective on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Citigroup boosted their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $410.50.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. The trade was a 20.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares of the company’s stock, valued at $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Up 1.0%

Cummins stock opened at $421.79 on Friday. The company has a 50 day moving average of $412.77 and a 200-day moving average of $357.20. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The stock has a market capitalization of $58.12 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 1.94 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $5.26 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins’s dividend payout ratio is 37.61%.

Cummins Company 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.