Pacific Capital Wealth Advisors Inc. Acquires New Position in Cummins Inc. (NYSE:CMI)

Pacific Capital Wealth Advisors Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 163 shares of the company’s stock, valued at approximately $39,000.

Other hedge funds have also bought and sold shares of the company. Bison Wealth LLC raised its holdings in shares of Cummins by 3.6% during the fourth quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after purchasing an additional 42 shares during the last quarter. KB Financial Partners LLC lifted its holdings in shares of Cummins by 1.3% in the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after buying an additional 45 shares during the period. Edmp Inc. boosted its stake in shares of Cummins by 0.8% in the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock worth $1,332,000 after buying an additional 46 shares during the last quarter. Ledge Wealth Management Inc. grew its holdings in Cummins by 0.5% during the fourth quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock worth $2,165,000 after acquiring an additional 48 shares during the period. Finally, Peloton Wealth Strategists raised its position in Cummins by 0.4% during the third quarter. Peloton Wealth Strategists now owns 14,125 shares of the company’s stock valued at $3,227,000 after acquiring an additional 50 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI traded up $3.53 during mid-day trading on Tuesday, reaching $287.12. The company’s stock had a trading volume of 701,396 shares, compared to its average volume of 2,553,845. The stock has a 50-day moving average of $286.11 and a two-hundred day moving average of $253.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The stock has a market capitalization of $39.27 billion, a P/E ratio of 21.02, a P/E/G ratio of 1.90 and a beta of 1.04. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $304.24.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The business had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same period last year, the business earned $4.52 earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 18.45 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is currently 49.19%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders sold 51,289 shares of company stock valued at $13,576,838 in the last three months. 0.56% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CMI shares. Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and cut their target price for the company from $243.00 to $225.00 in a report on Friday, January 19th. JPMorgan Chase & Co. raised their target price on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a report on Tuesday, February 6th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, April 30th. Finally, Citigroup upped their target price on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $282.55.

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.