Confluence Wealth Services Inc. Acquires 709 Shares of Cummins Inc. (NYSE:CMI)

Confluence Wealth Services Inc. raised its position in Cummins Inc. (NYSE:CMI) by 38.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,567 shares of the company’s stock after buying an additional 709 shares during the period. Confluence Wealth Services Inc.’s holdings in Cummins were worth $756,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its holdings in Cummins by 9.5% in the 3rd quarter. SG Americas Securities LLC now owns 7,412 shares of the company’s stock worth $1,693,000 after buying an additional 642 shares during the period. Czech National Bank boosted its holdings in Cummins by 47.7% in the 3rd quarter. Czech National Bank now owns 24,756 shares of the company’s stock valued at $5,656,000 after purchasing an additional 7,998 shares during the period. Asset Management One Co. Ltd. boosted its holdings in Cummins by 0.7% in the 3rd quarter. Asset Management One Co. Ltd. now owns 62,603 shares of the company’s stock valued at $14,302,000 after purchasing an additional 466 shares during the period. Ballentine Partners LLC boosted its holdings in Cummins by 9.5% in the 3rd quarter. Ballentine Partners LLC now owns 2,073 shares of the company’s stock valued at $474,000 after purchasing an additional 180 shares during the period. Finally, Ascent Wealth Partners LLC lifted its holdings in shares of Cummins by 4.8% during the 3rd quarter. Ascent Wealth Partners LLC now owns 2,946 shares of the company’s stock worth $673,000 after acquiring an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. The Goldman Sachs Group lifted their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Citigroup boosted their price target on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Finally, Truist Financial started coverage on shares of Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $279.70.

Cummins Price Performance

Shares of NYSE:CMI traded down $10.99 on Tuesday, reaching $282.66. The company’s stock had a trading volume of 1,212,230 shares, compared to its average volume of 2,643,755. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.74 and a current ratio of 1.18. The company has a 50-day simple moving average of $284.29 and a 200 day simple moving average of $251.77. The company has a market cap of $38.66 billion, a P/E ratio of 54.57, a PEG ratio of 1.98 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.52 EPS. As a group, equities research analysts anticipate that Cummins Inc. will post 18.34 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were paid a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.38%. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jennifer Rumsey sold 739 shares of the company’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $266.91, for a total transaction of $197,246.49. Following the completion of the sale, the chief executive officer now directly owns 2,698 shares in the company, valued at $720,123.18. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. Insiders own 0.56% of the company’s stock.

About Cummins

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.