Massachusetts Wealth Management Has $1.55 Million Position in Cummins Inc. (NYSE:CMI)

Massachusetts Wealth Management lifted its holdings in Cummins Inc. (NYSE:CMI) by 2.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 4,782 shares of the company’s stock after acquiring an additional 95 shares during the quarter. Massachusetts Wealth Management’s holdings in Cummins were worth $1,548,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. CWM LLC lifted its holdings in shares of Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after acquiring an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC grew its position in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the period. Manning & Napier Advisors LLC acquired a new stake in Cummins in the 2nd quarter valued at $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after acquiring an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP lifted its stake in Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after acquiring an additional 12,087 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’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 $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins 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 directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was 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 owned by corporate insiders.

Cummins Trading Up 0.1 %

Shares of NYSE CMI traded up $0.30 during trading hours on Friday, hitting $332.78. 31,938 shares of the company traded hands, compared to its average volume of 1,536,600. The company’s 50 day moving average price is $315.05 and its 200 day moving average price is $295.57. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $340.82. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $45.52 billion, a price-to-earnings ratio of 24.33, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the prior year, the business posted $5.18 EPS. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.19%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 53.29%.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Citigroup lifted their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Raymond James assumed coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Robert W. Baird boosted their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $311.55.

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.