Diversify Wealth Management LLC Invests $215,000 in Cummins Inc. (NYSE:CMI)

Diversify Wealth Management LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 606 shares of the company’s stock, valued at approximately $215,000.

Several other institutional investors have also bought and sold shares of CMI. Marshall Wace LLP increased its stake in shares of Cummins by 158.8% during the second quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock valued at $15,034,000 after acquiring an additional 33,314 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Cummins by 54.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 26,199 shares of the company’s stock valued at $7,255,000 after purchasing an additional 9,276 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Cummins by 452.8% in the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,731 shares of the company’s stock worth $756,000 after buying an additional 2,237 shares in the last quarter. AXA S.A. boosted its stake in Cummins by 247.5% during the second quarter. AXA S.A. now owns 229,051 shares of the company’s stock valued at $63,431,000 after buying an additional 163,129 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Cummins by 31.0% during the second quarter. AQR Capital Management LLC now owns 616,876 shares of the company’s stock worth $170,831,000 after acquiring an additional 145,921 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by corporate insiders.

Cummins Trading Up 0.9 %

Cummins stock opened at $369.32 on Friday. Cummins Inc. has a 12 month low of $234.49 and a 12 month high of $387.90. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The stock has a market cap of $50.66 billion, a P/E ratio of 24.39, a P/E/G ratio of 1.69 and a beta of 1.01. The company’s fifty day simple moving average is $363.72 and its 200-day simple moving average is $329.82.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.73 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 21.92 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday. Robert W. Baird increased their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial lifted their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group increased their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $374.25.

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.