NewEdge Wealth LLC Invests $7.50 Million in Cummins Inc. $CMI

NewEdge Wealth LLC purchased a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 10,517 shares of the company’s stock, valued at approximately $7,501,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Persistent Asset Partners Ltd bought a new stake in Cummins in the second quarter worth $26,000. Elevation Wealth Partners LLC increased its holdings in shares of Cummins by 91.7% during the second 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 holdings in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares in the last quarter. Activest Wealth Management raised its position in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Finally, Wellington Shields Capital Management LLC purchased a new position in shares of Cummins in the 4th quarter worth about $27,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Robert W. Baird set a $700.00 price target on shares of Cummins in a research note on Wednesday, May 6th. Truist Financial set a $894.00 target price on shares of Cummins in a report on Wednesday, August 5th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Citigroup increased their price target on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Morgan Stanley raised their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

CMI opened at $607.02 on Thursday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a market cap of $83.56 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 1.48 and a beta of 1.24. The company’s 50 day moving average is $663.55 and its 200 day moving average is $628.49. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76.

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

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders 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 dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 40.88%.

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.