WealthShield Partners LLC Purchases Shares of 5,433 Cummins Inc. $CMI

WealthShield Partners LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 5,433 shares of the company’s stock, valued at approximately $3,875,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CMI. Persistent Asset Partners Ltd bought a new position in shares of Cummins during the second quarter worth approximately $26,000. Elevation Wealth Partners LLC boosted its stake in Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC boosted its stake in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the period. Activest Wealth Management grew its holdings in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares in the last quarter. Finally, Wellington Shields Capital Management LLC acquired a new position in Cummins in the 4th quarter valued at $27,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $587.87 on Friday. The stock has a fifty day moving average price of $660.86 and a 200-day moving average price of $628.31. The company has a market cap of $80.93 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.40 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last released 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). The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $6.43 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio is currently 40.88%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CMI. Barclays lifted their target price on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Truist Financial set a $894.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Finally, Wells Fargo & Company boosted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

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.