Cummins Inc. (NYSE:CMI) Shares Bought by Allworth Financial LP

Posted by Defense World Staff on Mar 26th, 2023

Allworth Financial LP grew its holdings in Cummins Inc. (NYSE:CMI – Get Rating) by 2.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,930 shares of the company’s stock after purchasing an additional 55 shares during the quarter. Allworth Financial LP’s holdings in Cummins were worth $468,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CMI. Synovus Financial Corp grew its position in shares of Cummins by 254.4% in the first quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock valued at $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. lifted its stake in shares of Cummins by 65.4% during the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock valued at $3,732,000 after buying an additional 7,191 shares during the period. Sei Investments Co. lifted its stake in shares of Cummins by 16.1% during the first quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after buying an additional 13,058 shares during the period. Prudential PLC purchased a new position in shares of Cummins during the first quarter valued at approximately $711,000. Finally, Cetera Investment Advisers lifted its stake in shares of Cummins by 43.0% during the first quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after buying an additional 1,925 shares during the period. 80.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CMI. StockNews.com began coverage on shares of Cummins in a research note on Thursday, March 16th. They set a “buy” rating on the stock. Credit Suisse Group upped their price objective on shares of Cummins from $287.00 to $291.00 and gave the company an “outperform” rating in a research note on Tuesday, February 7th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Cummins from $235.00 to $231.00 and set a “hold” rating on the stock in a research note on Tuesday, February 7th. Morgan Stanley cut their price target on shares of Cummins from $264.00 to $262.00 and set an “equal weight” rating on the stock in a research note on Friday, January 20th. Finally, UBS Group increased their price target on shares of Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 16th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $254.75.

Cummins Stock Performance

Shares of CMI stock opened at $223.90 on Friday. The company’s fifty day simple moving average is $245.57 and its 200-day simple moving average is $237.72. Cummins Inc. has a 52 week low of $184.27 and a 52 week high of $261.91. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 0.45. The company has a market cap of $31.65 billion, a PE ratio of 14.82, a P/E/G ratio of 1.33 and a beta of 1.01.

Cummins (NYSE:CMI – Get Rating) last issued its earnings results on Monday, February 6th. The company reported $4.52 EPS for the quarter, meeting analysts’ consensus estimates of $4.52. Cummins had a net margin of 7.66% and a return on equity of 24.58%. The business had revenue of $7.77 billion for the quarter, compared to the consensus estimate of $7.21 billion. During the same quarter last year, the firm posted $2.85 EPS. The business’s revenue for the quarter was up 32.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 18.95 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 9th. Investors of record on Friday, February 24th were issued a dividend of $1.57 per share. This represents a $6.28 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Thursday, February 23rd. Cummins’s payout ratio is 41.56%.

Insider Activity at Cummins

In related news, VP Walter J. Fier sold 3,307 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $252.99, for a total transaction of $836,637.93. Following the completion of the sale, the vice president now directly owns 8,090 shares of the company’s stock, valued at approximately $2,046,689.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Walter J. Fier sold 3,307 shares of the firm’s stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $252.99, for a total transaction of $836,637.93. Following the completion of the sale, the vice president now directly owns 8,090 shares of the company’s stock, valued at approximately $2,046,689.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 5,540 shares of the firm’s stock in a transaction on Wednesday, February 15th. The shares were sold at an average price of $252.34, for a total transaction of $1,397,963.60. Following the sale, the vice president now directly owns 16,144 shares of the company’s stock, valued at $4,073,776.96. The disclosure for this sale can be found here. In the last three months, insiders sold 16,709 shares of company stock valued at $4,245,545. Corporate insiders own 1.00% of the company’s stock.

About Cummins

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Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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