Diversify Advisory Services LLC Invests $10.06 Million in Cummins Inc. $CMI

Diversify Advisory Services LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, Holdings Channel reports. The firm acquired 15,200 shares of the company’s stock, valued at approximately $10,060,000.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC grew its stake in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC raised its position in Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after purchasing an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC bought a new position in shares of Cummins during the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $620.43 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The stock has a market cap of $85.41 billion, a PE ratio of 31.70, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. The stock has a fifty day moving average of $664.02 and a 200-day moving average of $628.32.

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 company had revenue of $9.46 billion for 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 business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company posted $6.43 EPS. Equities research analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts have commented on CMI shares. Morgan Stanley lifted their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. UBS Group lowered their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Raymond James Financial upped their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Citigroup increased their price objective on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Cummins presently has an average 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.