Keebeck Wealth Management Acquires New Shares in Cummins Inc. $CMI

Keebeck Wealth Management acquired a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,196 shares of the company’s stock, valued at approximately $853,000.

A number of other hedge funds have also bought and sold shares of the business. Persistent Asset Partners Ltd bought a new position in Cummins during the second quarter valued at approximately $26,000. Elevation Wealth Partners LLC boosted its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC grew its position in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the period. Activest Wealth Management raised its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the last quarter. Finally, Wellington Shields Capital Management LLC purchased a new stake in Cummins during the 4th quarter valued at $27,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.9%

CMI opened at $587.87 on Friday. The firm’s 50 day simple moving average is $660.86 and its two-hundred day simple moving average is $628.31. The company has a market capitalization of $80.93 billion, a PE ratio of 30.04, a PEG ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

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 for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $6.43 EPS. As a group, equities analysts forecast that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research reports. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Truist Financial set a $894.00 price objective on Cummins in a research report on Wednesday, August 5th. UBS Group lowered their target price on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Citigroup raised their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Finally, Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Profile

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.