1,114 Shares in Cummins Inc. $CMI Bought by Performance Wealth Partners LLC

Performance Wealth Partners LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,114 shares of the company’s stock, valued at approximately $795,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Brighton Jones LLC increased its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC boosted its position in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after buying an additional 1,759 shares during the period. ICW Investment Advisors LLC bought a new stake in shares of Cummins in the 2nd quarter valued at $225,000. Finally, Osterweis Capital Management Inc. bought a new position in Cummins during the second quarter worth about $31,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI opened at $642.56 on Tuesday. The company has a market capitalization of $88.45 billion, a price-to-earnings ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24. The business’s 50-day moving average price is $664.99 and its two-hundred day moving average price is $628.02. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. 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) last posted 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%.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 previous year, the business posted $6.43 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 30.15 EPS for the current fiscal year.

Cummins Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CMI shares. Evercore reaffirmed an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, August 3rd. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Finally, Morgan Stanley lifted their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

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.