Perigon Wealth Management LLC Takes $4.88 Million Position in Cummins Inc. $CMI

Perigon Wealth Management LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 6,837 shares of the company’s stock, valued at approximately $4,877,000.

Other large investors have also added to or reduced their stakes in the company. Juno Financial Group LLC bought a new stake in Cummins during the fourth quarter worth $883,000. Truist Financial Corp lifted its position in shares of Cummins by 4.8% during the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after buying an additional 2,951 shares during the last quarter. Smith Salley Wealth Management grew its stake in shares of Cummins by 1,381.8% during the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after acquiring an additional 20,299 shares during the period. Kepler Cheuvreux Suisse SA bought a new position in shares of Cummins during the 4th quarter worth $7,869,000. Finally, Westfield Capital Management Co. LP purchased a new stake in Cummins in the 4th quarter worth about $7,797,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research reports. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Evercore reiterated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. Morgan Stanley upped their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

NYSE CMI opened at $642.56 on Tuesday. The company’s 50 day simple moving average is $664.99 and its two-hundred day simple moving average is $628.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The stock has a market capitalization of $88.45 billion, a PE ratio of 32.83, a P/E/G 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 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $6.43 earnings per share. Analysts predict that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given 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 annualized dividend and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) 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.