Cummins Inc. $CMI Stock Position Raised by USA Financial Formulas

USA Financial Formulas increased its position in Cummins Inc. (NYSE:CMI) by 282.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,491 shares of the company’s stock after purchasing an additional 1,101 shares during the period. USA Financial Formulas’ holdings in Cummins were worth $802,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Valmark Advisers Inc. boosted its position in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after buying an additional 16 shares during the period. Guardian Partners Inc. raised its position in Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares during the period. Nicolet Advisory Services LLC lifted its stake in Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after acquiring an additional 17 shares in the last quarter. Uhlmann Price Securities LLC lifted its stake in Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after acquiring an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC boosted its position in Cummins by 2.6% during the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after acquiring an additional 18 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE CMI opened at $631.81 on Friday. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The stock’s 50-day moving average is $665.58 and its two-hundred day moving average is $627.15. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The firm has a market cap of $86.98 billion, a P/E ratio of 32.28, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last released 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 for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter last year, the company posted $6.43 EPS. The business’s revenue was up 9.4% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a $2.20 dividend. 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 dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is 40.88%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on CMI shares. Citigroup upped their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Monday, August 3rd. Finally, Evercore reiterated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.