3,725 Shares in Cummins Inc. $CMI Purchased by Csenge Advisory Group

Csenge Advisory Group bought a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel reports. The institutional investor bought 3,725 shares of the company’s stock, valued at approximately $2,657,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the last quarter. Intech Investment Management LLC raised its position in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after acquiring an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina raised its position in shares of Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC acquired a new position in shares of Cummins in the 2nd quarter valued at $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 2.2%

Shares of NYSE:CMI opened at $607.02 on Thursday. The company’s fifty day simple moving average is $663.55 and its 200 day simple moving average is $628.49. The firm has a market cap of $83.56 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 1.48 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share 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 analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company’s revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $6.43 EPS. As a group, research analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. 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. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 40.88%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Evercore restated an “outperform” rating and set a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Wells Fargo & Company upped their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Raymond James Financial lifted their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average target price of $745.64.

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.