Glenview Trust Co bought a new stake in shares of Cummins Inc. (NYSE:CMI – Free Report) during the 2nd quarter, HoldingsChannel reports. The firm bought 3,981 shares of the company’s stock, valued at approximately $2,839,000.
A number of other hedge funds have also made changes to their positions in CMI. Persistent Asset Partners Ltd acquired a new position in Cummins in the 2nd quarter valued at approximately $26,000. Elevation Wealth Partners LLC grew its holdings in shares of Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC increased its stake in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares during the last quarter. Activest Wealth Management raised its holdings in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Finally, Wellington Shields Capital Management LLC acquired a new stake in Cummins during the fourth quarter valued at $27,000. 83.46% of the stock is owned by hedge funds and other institutional investors.
Cummins Trading Down 1.6%
Shares of CMI stock opened at $564.61 on Friday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business’s 50 day moving average is $647.45 and its two-hundred day moving average is $627.90. The company has a market cap of $77.72 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24.
Cummins Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 44.97%.
Wall Street Analyst Weigh In
CMI has been the subject of a number of recent research reports. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Morgan Stanley boosted their target price 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. Barclays raised their price target on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Argus lifted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $745.64.
Check Out Our Latest Research Report on Cummins
Insider Activity at Cummins
In related news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.30% of the company’s stock.
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.
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