2,501 Shares in Cummins Inc. $CMI Acquired by OneAscent Financial Services LLC

Key Points

• OneAscent Financial Services acquired 2,501 Cummins shares worth approximately $1.78 million in the second quarter. Institutional investors collectively own 83.46% of CMI’s outstanding stock.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but earnings per share of $6.73 missed consensus by $0.48.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, equivalent to an annualized $8.80 payout and a 1.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $745.64.

OneAscent Financial Services LLC acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,501 shares of the company's stock, valued at approximately $1,784,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Vanguard Group Inc. increased its holdings in Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock valued at $9,058,841,000 after purchasing an additional 98,544 shares during the last quarter. BlackRock Inc. acquired a new position in Cummins in the second quarter valued at about $8,204,241,000. State Street Corp boosted its holdings in Cummins by 0.8% during the fourth quarter. State Street Corp now owns 6,509,852 shares of the company's stock worth $3,322,954,000 after buying an additional 49,628 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock worth $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock worth $1,741,004,000 after buying an additional 43,722 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

CMI stock opened at $593.12 on Friday. The stock has a 50-day moving average price of $662.30 and a two-hundred day moving average price of $628.59. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The stock has a market cap of $81.65 billion, a PE ratio of 30.31, a price-to-earnings-growth ratio of 1.45 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the business earned $6.43 earnings per share. Cummins's revenue was up 9.4% compared to the same quarter last year. Equities 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 1.5%. 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%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CMI shares. Evercore reaffirmed an "outperform" rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Argus lifted their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. Robert W. Baird set a $700.00 price objective on shares of Cummins in a report on Wednesday, May 6th. Wells Fargo & Company upped their target price on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research note on Wednesday, June 17th. Finally, Raymond James Financial increased their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a report on Tuesday, May 26th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $745.64.

Cummins Profile

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.

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