Axxcess Wealth Management LLC Has $2.02 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Axxcess Wealth Management LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 133.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,798 shares of the company’s stock after purchasing 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 filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Cozad Asset Management Inc. lifted its stake in shares of Cummins by 2.9% in the 4th quarter. Cozad Asset Management Inc. now owns 3,493 shares of the company’s stock valued at $1,218,000 after purchasing an additional 100 shares during the period. TCTC Holdings LLC acquired a new position in shares of Cummins in the 4th quarter valued at about $28,000. Signaturefd LLC lifted its stake in shares of Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after purchasing an additional 28 shares during the period. Cibc World Markets Corp lifted its stake in shares of Cummins by 16.4% in the 4th quarter. Cibc World Markets Corp now owns 21,661 shares of the company’s stock valued at $7,551,000 after purchasing an additional 3,055 shares during the period. Finally, SouthState Corp lifted its stake in shares of Cummins by 384.6% in the 4th quarter. SouthState Corp now owns 1,260 shares of the company’s stock valued at $439,000 after purchasing an additional 1,000 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Cummins stock opened at $327.24 on Thursday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average of $357.35 and a 200-day moving average of $347.20. The firm has a market cap of $44.99 billion, a P/E ratio of 11.62, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping 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 company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period in the prior year, the business posted $4.14 earnings per share. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.22%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. decreased their target price on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday. Evercore ISI boosted their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $389.50.

Cummins 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.