Icon Wealth Advisors LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

Icon Wealth Advisors LLC raised its position in Cummins Inc. (NYSE:CMI) by 16.0% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,540 shares of the company’s stock after acquiring an additional 212 shares during the period. Icon Wealth Advisors LLC’s holdings in Cummins were worth $499,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. Pathway Financial Advisers LLC boosted its holdings in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Cummins by 1.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after acquiring an additional 26,977 shares during the period. Legal & General Group Plc raised its position in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after acquiring an additional 31,190 shares in the last quarter. Marshfield Associates lifted its holdings in Cummins by 0.3% in the second quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock valued at $288,699,000 after acquiring an additional 3,076 shares during the period. Finally, International Assets Investment Management LLC boosted its position in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last ninety days, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by company insiders.

Cummins Price Performance

NYSE:CMI opened at $372.62 on Friday. Cummins Inc. has a 12-month low of $222.04 and a 12-month high of $373.35. The firm has a market cap of $51.12 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97. The company’s 50-day moving average is $335.78 and its two-hundred day moving average is $304.53. 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 (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s revenue was up .3% compared to the same quarter last year. During the same quarter last year, the business earned $4.73 earnings per share. Research analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.95%. Cummins’s payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research analyst reports. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Citigroup lifted their price target on shares of Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and upped their price target for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Robert W. Baird lifted their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $337.67.

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.