Proficio Capital Partners LLC Makes New $1.24 Million Investment in Cummins Inc. $CMI

Proficio Capital Partners LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 1,742 shares of the company’s stock, valued at approximately $1,242,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Nwam LLC boosted its position in shares of Cummins by 7.2% during the second quarter. Nwam LLC now owns 2,220 shares of the company’s stock worth $1,583,000 after buying an additional 150 shares during the period. Rehmann Capital Advisory Group raised its position in Cummins by 16.0% in the 2nd quarter. Rehmann Capital Advisory Group now owns 3,908 shares of the company’s stock valued at $2,788,000 after buying an additional 540 shares during the last quarter. CTC Alternative Strategies Ltd. bought a new stake in Cummins in the 2nd quarter valued at approximately $257,000. BTG Pactual Asset Management US LLC grew its stake in shares of Cummins by 16.0% during the 2nd quarter. BTG Pactual Asset Management US LLC now owns 550 shares of the company’s stock worth $392,000 after acquiring an additional 76 shares in the last quarter. Finally, Oarsman Capital Inc. grew its stake in shares of Cummins by 3.8% during the 2nd quarter. Oarsman Capital Inc. now owns 6,118 shares of the company’s stock worth $4,363,000 after acquiring an additional 224 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CMI. Argus boosted their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Truist Financial set a $894.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Robert W. Baird set a $700.00 price target on Cummins in a research report on Wednesday, May 6th. Finally, UBS Group lowered their price target on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Twelve 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, the company has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

CMI opened at $551.77 on Wednesday. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The stock has a market cap of $75.96 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.53 and a beta of 1.23. The business has a 50 day moving average of $641.30 and a 200-day moving average of $627.59. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the firm posted $6.43 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

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.