EP Wealth Advisors LLC Makes New Investment in Cummins Inc. $CMI

EP Wealth Advisors LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 17,817 shares of the company’s stock, valued at approximately $12,707,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares during the last quarter. BlackRock Inc. acquired a new position in Cummins during the 2nd quarter worth $8,204,241,000. State Street Corp boosted its position in Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after buying an additional 49,628 shares during the last quarter. Geode Capital Management LLC boosted its position in Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CMI. Argus boosted their target price on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Wells Fargo & Company lifted their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. boosted their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Eleven 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 company presently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Stock Performance

Shares of Cummins stock opened at $587.87 on Friday. The firm has a fifty day moving average of $660.86 and a two-hundred day moving average of $628.31. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock has a market capitalization of $80.93 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly 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 return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the business earned $6.43 earnings per share. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. 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. This represents a $8.80 annualized dividend and a yield of 1.5%. Cummins’s payout ratio is currently 40.88%.

About Cummins

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.