3,431 Shares in Cummins Inc. $CMI Bought by Tocqueville Asset Management L.P.

Tocqueville Asset Management L.P. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel reports. The firm purchased 3,431 shares of the company’s stock, valued at approximately $2,447,000.

A number of other large investors have also recently made changes to their positions in CMI. Brighton Jones LLC lifted its position in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares in the last quarter. Intech Investment Management LLC increased its holdings in Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC purchased a new stake in shares of Cummins in the second quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins in the second quarter valued at approximately $31,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Shares of CMI opened at $593.12 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $81.65 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 1.45 and a beta of 1.24. The stock has a 50 day moving average of $662.30 and a 200 day moving average of $628.59. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last issued 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 business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $6.43 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMI. JPMorgan Chase & Co. upped their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Barclays lifted their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Raymond James Financial increased their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Finally, Evercore reissued an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus 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.