Principle Wealth Partners LLC Invests $10.88 Million in Cummins Inc. $CMI

Principle Wealth Partners LLC purchased a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 15,260 shares of the company’s stock, valued at approximately $10,884,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Juno Financial Group LLC bought a new position in Cummins in the 4th quarter worth approximately $883,000. Truist Financial Corp grew its stake in Cummins by 4.8% in the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after buying an additional 2,951 shares in the last quarter. Smith Salley Wealth Management raised its holdings in Cummins by 1,381.8% during the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock valued at $11,111,000 after acquiring an additional 20,299 shares during the period. Kepler Cheuvreux Suisse SA purchased a new stake in shares of Cummins during the fourth quarter worth $7,869,000. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of Cummins during the fourth quarter worth $7,797,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Up 1.8%

CMI opened at $642.56 on Tuesday. The firm has a market capitalization of $88.45 billion, a P/E ratio of 32.83, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a fifty day moving average price of $664.99 and a 200-day moving average price of $628.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $6.43 EPS. Equities research analysts expect that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 40.88%.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and set a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Finally, Argus upped their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.