BerganKDV Wealth Management LLC lifted its stake in Cummins Inc. (NYSE:CMI – Get Rating) by 8.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,084 shares of the company’s stock after buying an additional 2,107 shares during the period. BerganKDV Wealth Management LLC’s holdings in Cummins were worth $5,760,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Cyrus J. Lawrence LLC purchased a new stake in shares of Cummins in the first quarter worth about $25,000. Mystic Asset Management Inc. purchased a new position in Cummins in the fourth quarter valued at about $27,000. KRS Capital Management LLC purchased a new position in Cummins in the fourth quarter valued at about $30,000. Steward Financial Group LLC purchased a new position in Cummins in the fourth quarter valued at about $32,000. Finally, Cassady Schiller Wealth Management LLC purchased a new position in Cummins in the fourth quarter valued at about $39,000. Hedge funds and other institutional investors own 80.50% of the company’s stock.
Analyst Ratings Changes
A number of research analysts recently commented on CMI shares. Cowen reduced their price target on Cummins from $281.00 to $267.00 in a report on Thursday, July 7th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft dropped their price target on Cummins from $232.00 to $216.00 and set a “hold” rating on the stock in a research report on Wednesday, July 13th. Citigroup lowered their target price on Cummins from $260.00 to $220.00 in a research report on Tuesday, April 12th. Finally, Credit Suisse Group increased their price target on Cummins from $249.00 to $266.00 and gave the company an “outperform” rating in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average price target of $235.60.
Insider Buying and Selling at Cummins
Cummins Stock Up 0.2 %
Shares of Cummins stock traded up $0.48 during midday trading on Friday, hitting $220.02. The company’s stock had a trading volume of 658,315 shares, compared to its average volume of 1,047,535. The company has a quick ratio of 1.07, a current ratio of 1.66 and a debt-to-equity ratio of 0.36. Cummins Inc. has a 1-year low of $184.27 and a 1-year high of $247.48. The stock has a 50-day simple moving average of $203.15 and a 200-day simple moving average of $205.68. The firm has a market capitalization of $31.02 billion, a P/E ratio of 15.41, a PEG ratio of 1.41 and a beta of 1.04.
Cummins (NYSE:CMI – Get Rating) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $4.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.35 by $0.59. Cummins had a return on equity of 23.41% and a net margin of 8.26%. The business had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.48 billion. During the same period last year, the company earned $4.15 earnings per share. Cummins’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 17.59 earnings per share for the current year.
Cummins Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Friday, August 19th will be issued a dividend of $1.57 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.45. This represents a $6.28 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Thursday, August 18th. Cummins’s dividend payout ratio (DPR) is 40.62%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.
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