Wealth Preservation Advisors LLC Buys New Position in Cummins Inc. $CMI

Wealth Preservation Advisors LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the first quarter, Holdings Channel reports. The fund bought 132 shares of the company’s stock, valued at approximately $41,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Olde Wealth Management LLC bought a new position in Cummins in the 1st quarter valued at about $30,000. Accredited Wealth Management LLC bought a new position in Cummins in the 1st quarter valued at about $31,000. Capital A Wealth Management LLC bought a new position in Cummins in the 4th quarter valued at about $32,000. Opal Wealth Advisors LLC bought a new position in Cummins in the 1st quarter valued at about $37,000. Finally, Richardson Financial Services Inc. bought a new position in Cummins in the 1st quarter valued at about $39,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $401.50 on Thursday. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38. The company has a 50-day moving average of $359.93 and a two-hundred day moving average of $335.12. The stock has a market cap of $55.32 billion, a price-to-earnings ratio of 18.88, a PEG ratio of 1.93 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

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

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a $2.00 dividend. The ex-dividend date is Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. Cummins’s dividend payout ratio is 37.61%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of recent analyst reports. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Robert W. Baird raised their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Finally, Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $370.83.

Insider Buying and Selling

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Mark Andrew Smith sold 6,500 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,039 shares of company stock valued at $10,385,075. Company insiders own 0.41% of the company’s stock.

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.