Focus Partners Advisor Solutions LLC Acquires New Position in Cummins Inc. $CMI

Focus Partners Advisor Solutions LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 5,201 shares of the company’s stock, valued at approximately $3,710,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Norges Bank purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $863,441,000. Boston Partners purchased a new stake in shares of Cummins in the third quarter valued at approximately $473,471,000. SG Americas Securities LLC grew its holdings in Cummins by 257.9% during the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after acquiring an additional 530,812 shares during the period. Finally, First Trust Advisors LP grew its holdings in Cummins by 245.1% during the fourth quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock worth $277,071,000 after acquiring an additional 385,525 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $631.81 on Friday. The stock has a fifty day moving average price of $665.58 and a 200 day moving average price of $627.15. 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 cap of $86.98 billion, a PE ratio of 32.28, a P/E/G ratio of 1.50 and a beta of 1.24. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share 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 firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the company posted $6.43 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a 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 dividend payout ratio is currently 40.88%.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Citigroup upped their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday, May 6th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Finally, Raymond James Financial boosted their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently 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.