Leo Wealth LLC Takes Position in Cummins Inc. (NYSE:CMI)

Leo Wealth LLC bought a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,123 shares of the company’s stock, valued at approximately $273,000.

Other institutional investors also recently modified their holdings of the company. Rafferty Asset Management LLC raised its stake in Cummins by 10.1% in the third quarter. Rafferty Asset Management LLC now owns 11,271 shares of the company’s stock valued at $2,575,000 after purchasing an additional 1,032 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Cummins by 88.9% in the third quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after purchasing an additional 274,927 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in Cummins in the third quarter valued at about $1,084,000. Invesco Ltd. raised its stake in Cummins by 7.6% in the third quarter. Invesco Ltd. now owns 701,741 shares of the company’s stock valued at $160,320,000 after purchasing an additional 49,380 shares in the last quarter. Finally, Glenview Trust co raised its stake in Cummins by 35.8% during the third quarter. Glenview Trust co now owns 2,769 shares of the company’s stock worth $633,000 after acquiring an additional 730 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction dated Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have commented on CMI. JPMorgan Chase & Co. boosted their target price on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Truist Financial reissued a “hold” rating and set a $319.00 target price on shares of Cummins in a research note on Wednesday, May 15th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. TD Cowen boosted their target price on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, Evercore ISI boosted their target price on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $284.36.

Cummins Price Performance

Shares of NYSE:CMI opened at $269.91 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The stock’s 50 day moving average is $285.45 and its 200-day moving average is $266.16. The firm has a market capitalization of $36.92 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 1.66 and a beta of 1.02.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Sell-side analysts forecast that Cummins Inc. will post 18.84 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were given a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date was Thursday, May 23rd. Cummins’s payout ratio is 49.19%.

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.