Axxcess Wealth Management LLC Raises Position in Cummins Inc. (NYSE:CMI)

Axxcess Wealth Management LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 133.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,798 shares of the company’s stock after buying an additional 3,314 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Cummins were worth $2,021,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Mariner Investment Group LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $1,046,000. Alpha DNA Investment Management LLC purchased a new position in shares of Cummins during the third quarter valued at approximately $748,000. Franklin Resources Inc. lifted its holdings in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Bank of Montreal Can increased its position in shares of Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after acquiring an additional 68,627 shares in the last quarter. Finally, Hancock Whitney Corp increased its position in shares of Cummins by 545.1% during the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock valued at $12,508,000 after acquiring an additional 32,642 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Up 1.5 %

Shares of CMI stock opened at $327.24 on Thursday. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm has a fifty day moving average price of $357.35 and a 200-day moving average price of $347.20. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $44.99 billion, a price-to-earnings ratio of 11.62, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 EPS. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. Truist Financial raised their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Robert W. Baird raised their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Jefferies Financial Group raised their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Nine investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $389.50.

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.