AE Wealth Management LLC boosted its stake in Cummins Inc. (NYSE:CMI – Free Report) by 157.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 18,101 shares of the company’s stock after purchasing an additional 11,071 shares during the period. AE Wealth Management LLC’s holdings in Cummins were worth $4,436,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Aspire Private Capital LLC acquired a new stake in Cummins in the 1st quarter valued at approximately $30,815,520,000. Quarry LP acquired a new position in shares of Cummins in the first quarter worth $32,000. Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the fourth quarter worth $33,000. Core Alternative Capital grew its stake in shares of Cummins by 305.4% in the first quarter. Core Alternative Capital now owns 150 shares of the company’s stock worth $36,000 after acquiring an additional 113 shares in the last quarter. Finally, GPS Wealth Strategies Group LLC acquired a new position in shares of Cummins in the first quarter worth $37,000. Institutional investors and hedge funds own 81.81% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have commented on CMI. The Goldman Sachs Group boosted their price target on shares of Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. StockNews.com began coverage on shares of Cummins in a research note on Thursday, August 17th. They issued a “buy” rating for the company. 888 restated a “maintains” rating on shares of Cummins in a research note on Wednesday, May 31st. Citigroup lifted their price objective on shares of Cummins from $265.00 to $290.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Finally, Credit Suisse Group decreased their price objective on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $266.17.
Cummins Price Performance
Shares of CMI opened at $232.80 on Thursday. Cummins Inc. has a 1-year low of $200.40 and a 1-year high of $265.28. The stock has a market cap of $32.98 billion, a PE ratio of 13.04, a price-to-earnings-growth ratio of 1.17 and a beta of 1.07. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.40 and a quick ratio of 0.85. The firm has a fifty day moving average price of $241.86 and a 200 day moving average price of $234.45.
Cummins (NYSE:CMI – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $5.18 earnings per share for the quarter, missing analysts’ consensus estimates of $5.19 by ($0.01). Cummins had a net margin of 7.89% and a return on equity of 25.46%. The company had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.39 billion. During the same period last year, the firm earned $4.77 earnings per share. Cummins’s revenue was up 30.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 19.91 EPS for the current year.
Cummins Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Friday, August 25th were given a $1.68 dividend. The ex-dividend date of this dividend was Thursday, August 24th. This is a boost from Cummins’s previous quarterly dividend of $1.57. This represents a $6.72 dividend on an annualized basis and a yield of 2.89%. Cummins’s payout ratio is 37.65%.
Cummins Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines.
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