Angeles Wealth Management LLC Has $286,000 Stock Holdings in Cummins Inc. (NYSE:CMI)

Angeles Wealth Management LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,034 shares of the company’s stock after buying an additional 54 shares during the period. Angeles Wealth Management LLC’s holdings in Cummins were worth $286,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CMI. Principal Securities Inc. acquired a new stake in Cummins during the 4th quarter worth approximately $339,000. Jump Financial LLC boosted its position in Cummins by 37.3% during the 4th quarter. Jump Financial LLC now owns 4,591 shares of the company’s stock worth $1,100,000 after buying an additional 1,248 shares during the period. Ieq Capital LLC boosted its position in Cummins by 13.3% during the 4th quarter. Ieq Capital LLC now owns 5,647 shares of the company’s stock worth $1,353,000 after buying an additional 661 shares during the period. First United Bank & Trust acquired a new position in shares of Cummins in the 4th quarter worth approximately $25,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Cummins by 13.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 165,063 shares of the company’s stock worth $39,279,000 after purchasing an additional 20,017 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on 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 owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on 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 owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Performance

Shares of CMI stock opened at $293.36 on Thursday. The firm has a market capitalization of $40.13 billion, a PE ratio of 21.48, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. The firm has a fifty day simple moving average of $293.64 and a two-hundred day simple moving average of $286.71. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.18 EPS. Analysts forecast that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CMI shares. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Citigroup started coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Finally, Truist Financial lifted their price objective on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of “Hold” and an average target price of $299.55.

Cummins 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.