United Capital Financial Advisors LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 5,379 shares of the company’s stock, valued at approximately $3,837,000.
Several other hedge funds also recently bought and sold shares of CMI. Valmark Advisers Inc. lifted its position in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after acquiring an additional 16 shares in the last quarter. Guardian Partners Inc. grew its position in shares of Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares in the last quarter. Nicolet Advisory Services LLC raised its stake in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after purchasing an additional 17 shares during the period. Uhlmann Price Securities LLC raised its stake in Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares during the period. Finally, ICW Investment Advisors LLC lifted its holdings in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after purchasing an additional 18 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on the stock. Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Wells Fargo & Company boosted their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Barclays upped their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Truist Financial set a $894.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.
Insider Activity at Cummins
In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is owned by insiders.
Cummins Stock Performance
NYSE:CMI opened at $564.61 on Friday. The company has a market cap of $77.72 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 1.37 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 stock’s 50 day simple moving average is $647.45 and its two-hundred day simple moving average is $627.90. 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 – Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the company posted $6.43 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.
Cummins Increases Dividend
The firm 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 annualized dividend and a yield of 1.6%. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 44.97%.
Cummins Company 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.
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