Axxcess Wealth Management LLC Purchases 1,499 Shares of Cummins Inc. (NYSE:CMI)

Axxcess Wealth Management LLC grew its position in Cummins Inc. (NYSE:CMI) by 152.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,484 shares of the company’s stock after purchasing an additional 1,499 shares during the period. Axxcess Wealth Management LLC’s holdings in Cummins were worth $804,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Covestor Ltd lifted its holdings in shares of Cummins by 112.6% in the third quarter. Covestor Ltd now owns 423 shares of the company’s stock valued at $137,000 after purchasing an additional 224 shares in the last quarter. Essex Savings Bank raised its holdings in Cummins by 32.2% during the third quarter. Essex Savings Bank now owns 3,287 shares of the company’s stock worth $1,064,000 after acquiring an additional 800 shares in the last quarter. Field & Main Bank raised its holdings in Cummins by 4.9% during the third quarter. Field & Main Bank now owns 2,460 shares of the company’s stock worth $796,000 after acquiring an additional 115 shares in the last quarter. Kerusso Capital Management LLC raised its holdings in Cummins by 6.4% during the third quarter. Kerusso Capital Management LLC now owns 5,521 shares of the company’s stock worth $1,788,000 after acquiring an additional 332 shares in the last quarter. Finally, Assetmark Inc. raised its holdings in Cummins by 3.1% during the third quarter. Assetmark Inc. now owns 17,937 shares of the company’s stock worth $5,808,000 after acquiring an additional 533 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the transaction, the vice president now owns 20,803 shares in the company, valued at $7,456,419.29. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated 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 completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $358.43, for a total transaction of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,456,419.29. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,193 shares of company stock valued at $9,685,552. 0.56% of the stock is owned by insiders.

Cummins Price Performance

Cummins stock opened at $355.07 on Wednesday. Cummins Inc. has a 12 month low of $216.91 and a 12 month high of $370.21. The stock’s 50 day moving average is $323.90 and its 200-day moving average is $299.69. The company has a current ratio of 1.32, a quick ratio of 0.82 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $48.71 billion, a price-to-earnings ratio of 23.45, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same quarter in the prior year, the business earned $4.73 earnings per share. The firm’s revenue for the quarter was up .3% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 20.32 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.05%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CMI shares. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Truist Financial upped their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Evercore ISI upped their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Finally, Citigroup boosted their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cummins currently has an average rating of “Hold” and an average target price of $324.83.

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.