Wealth Enhancement Advisory Services LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the SEC. The firm purchased 13,862 shares of the company’s stock, valued at approximately $2,412,000.
A number of other institutional investors also recently modified their holdings of the stock. Gradient Investments LLC lifted its stake in Cummins by 102.8% in the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after purchasing an additional 74 shares in the last quarter. Guidant Wealth Advisors purchased a new position in Cummins in the 1st quarter worth approximately $29,000. Sonora Investment Management LLC purchased a new position in Cummins in the 2nd quarter worth approximately $32,000. Lenox Wealth Advisors LLC purchased a new position in Cummins in the 2nd quarter worth approximately $33,000. Finally, SeaBridge Investment Advisors LLC purchased a new position in Cummins in the 1st quarter worth approximately $32,000. 81.51% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE CMI traded up $1.12 during midday trading on Thursday, reaching $145.61. 53,191 shares of the stock were exchanged, compared to its average volume of 1,332,019. Cummins Inc. has a twelve month low of $124.40 and a twelve month high of $175.91. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18. The firm has a 50 day moving average of $165.70. The stock has a market cap of $22.77 billion, a PE ratio of 10.95, a P/E/G ratio of 1.17 and a beta of 1.14.
Cummins (NYSE:CMI) last posted its earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The company had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. During the same quarter last year, the business posted $4.14 EPS. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 15.84 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be issued a $1.311 dividend. This represents a $5.24 annualized dividend and a yield of 3.60%. The ex-dividend date is Tuesday, August 20th. This is an increase from Cummins’s previous quarterly dividend of $1.14. Cummins’s dividend payout ratio (DPR) is 34.47%.
A number of research firms have weighed in on CMI. Wells Fargo & Co decreased their target price on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a research note on Monday, June 3rd. UBS Group raised their price target on shares of Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a report on Wednesday, May 1st. Stifel Nicolaus raised their price target on shares of Cummins from $176.00 to $183.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Standpoint Research downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, Evercore ISI restated an “in-line” rating and set a $169.00 price target (up previously from $163.00) on shares of Cummins in a report on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $166.67.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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