Independent Solutions Wealth Management LLC Has $1.07 Million Position in Cummins Inc. (NYSE:CMI)

Independent Solutions Wealth Management LLC lowered its position in Cummins Inc. (NYSE:CMI) by 7.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,298 shares of the company’s stock after selling 284 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Cummins were worth $1,068,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Prospera Private Wealth LLC acquired a new position in shares of Cummins in the 3rd quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. bought a new position in Cummins in the third quarter valued at about $34,000. New Millennium Group LLC acquired a new position in Cummins in the 2nd quarter valued at approximately $48,000. nVerses Capital LLC acquired a new stake in Cummins in the second quarter valued at $55,000. Finally, Ashton Thomas Securities LLC acquired a new position in Cummins during the 3rd quarter worth about $55,000. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. 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, November 6th. Citigroup upped their price target on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Truist Financial lifted their price objective on shares of Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $356.92.

Cummins Stock Performance

Shares of CMI traded up $1.94 on Thursday, reaching $352.63. 259,902 shares of the company’s stock traded hands, compared to its average volume of 1,398,573. The stock’s 50 day simple moving average is $354.88 and its two-hundred day simple moving average is $315.37. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52-week low of $226.52 and a 52-week high of $387.90. The stock has a market cap of $48.37 billion, a PE ratio of 23.29, a PEG ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the firm earned $4.73 EPS. The firm’s quarterly revenue was up .3% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were paid a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.06%. Cummins’s dividend payout ratio (DPR) is 48.08%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company’s stock.

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.