Stratos Wealth Partners LTD. decreased its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 52.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,189 shares of the company’s stock after selling 1,296 shares during the period. Stratos Wealth Partners LTD.’s holdings in Cummins were worth $292,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of CMI. Avion Wealth grew its holdings in shares of Cummins by 1,571.4% in the second quarter. Avion Wealth now owns 117 shares of the company’s stock worth $27,000 after acquiring an additional 110 shares during the period. Aspire Private Capital LLC purchased a new position in Cummins during the first quarter valued at $30,815,520,000. Quarry LP purchased a new position in shares of Cummins in the first quarter valued at about $32,000. Osterweis Capital Management Inc. purchased a new position in shares of Cummins in the fourth quarter valued at about $33,000. Finally, Core Alternative Capital lifted its position in shares of Cummins by 305.4% in the first quarter. Core Alternative Capital now owns 150 shares of the company’s stock valued at $36,000 after acquiring an additional 113 shares in the last quarter. Institutional investors own 81.81% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on CMI shares. Credit Suisse Group reduced their target price on Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. StockNews.com started coverage on Cummins in a report on Thursday. They issued a “buy” rating on the stock. The Goldman Sachs Group lifted their target price on Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. Finally, Citigroup lifted their target price on Cummins from $265.00 to $290.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $266.17.
Cummins Trading Down 1.0 %
Shares of NYSE CMI opened at $225.42 on Friday. The business’s 50 day moving average is $235.53 and its two-hundred day moving average is $233.43. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.40 and a quick ratio of 0.85. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $265.28. The stock has a market capitalization of $31.93 billion, a P/E ratio of 12.63, a PEG ratio of 1.15 and a beta of 1.06.
Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $5.18 earnings per share for the quarter, missing the consensus estimate of $5.19 by ($0.01). The company had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.39 billion. Cummins had a return on equity of 25.46% and a net margin of 7.89%. The company’s revenue was up 30.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.77 earnings per share. As a group, research analysts expect that Cummins Inc. will post 19.84 EPS for the current year.
Cummins Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Friday, August 25th were paid a dividend of $1.68 per share. This is a boost from Cummins’s previous quarterly dividend of $1.57. The ex-dividend date of this dividend was Thursday, August 24th. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.98%. Cummins’s dividend payout ratio is currently 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.
Read More
- Five stocks we like better than Cummins
- Natural Gas Prices Continue To Rally, These Stocks Should Benefit
- Huawei Has Entered The Chips Race, Markets Still Prefer These
- How to Know if a Stock Pays Dividends and When They Are Paid Out
- Restaurant Stocks Go on Sale…Which Are Really on the Value Menu?
- How to Buy Metaverse Stock Step by Step
- 5 Reasons to Buy and Hold Exxon Mobil For 2024
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.
