Knuff & Co LLC Purchases New Position in Cummins Inc. $CMI

Knuff & Co LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 1,965 shares of the company’s stock, valued at approximately $1,401,000.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. UBS Group decreased their target price on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Finally, Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Stock Performance

Shares of CMI opened at $607.02 on Thursday. 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 business’s 50 day moving average is $663.55 and its two-hundred day moving average is $628.49. 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 52-week low of $389.52 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $6.43 earnings per share. Analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business 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 dividend of $2.20 per share. 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. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio is 40.88%.

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.