Cetera Investment Advisers Has $15.77 Million Stake in Cummins Inc. (NYSE:CMI)

Cetera Investment Advisers boosted its holdings in Cummins Inc. (NYSE:CMI) by 3.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 56,934 shares of the company’s stock after acquiring an additional 1,888 shares during the quarter. Cetera Investment Advisers’ holdings in Cummins were worth $15,767,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the 2nd quarter worth $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the 2nd quarter valued at about $28,000. Lynx Investment Advisory bought a new stake in shares of Cummins in the second quarter valued at about $29,000. LRI Investments LLC bought a new position in shares of Cummins during the first quarter worth about $31,000. Finally, JNBA Financial Advisors raised its position in Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research reports. Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Robert W. Baird raised their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. raised their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Finally, Evercore ISI increased their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Up 1.3 %

Cummins stock opened at $331.74 on Friday. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $333.43. The stock has a market cap of $45.38 billion, a P/E ratio of 24.29, a P/E/G ratio of 1.81 and a beta of 0.98. The company’s 50-day moving average price is $304.44 and its two-hundred day moving average price is $291.87. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $5.18 earnings per share. As a group, analysts expect that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were issued a dividend of $1.82 per share. The ex-dividend date was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.19%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

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.