3,658 Shares in Cummins Inc. $CMI Bought by Chancellor Financial Group WB LP

Key Points

• Chancellor Financial Group WB LP acquired 3,658 Cummins shares worth approximately $2.6 million, making Cummins its 13th-largest holding and 1.6% of its portfolio. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and four Holds. Cummins has a consensus price target of $745.64, although Zacks Research recently downgraded the stock to Hold.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings per share of $6.73 fell short of the $7.21 consensus estimate. The company increased its quarterly dividend to $2.20, equivalent to an annualized yield of about 1.4%.

Chancellor Financial Group WB LP acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,658 shares of the company's stock, valued at approximately $2,609,000. Cummins comprises about 1.6% of Chancellor Financial Group WB LP's investment portfolio, making the stock its 13th largest position.

Several other hedge funds have also made changes to their positions in CMI. BlackRock Inc. acquired a new position in Cummins in the 2nd quarter valued at about $8,204,241,000. Northwestern Mutual Wealth Management Co. lifted its position in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares during the period. Norges Bank acquired a new stake in Cummins during the 4th quarter worth approximately $863,441,000. Bank of New York Mellon Corp purchased a new position in shares of Cummins in the 2nd quarter valued at approximately $973,198,000. Finally, Boston Partners acquired a new position in shares of Cummins in the third quarter valued at approximately $473,471,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Argus raised their target price 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. Sanford C. Bernstein reiterated a "market perform" rating and set a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Morgan Stanley increased their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. Finally, Citigroup raised their price objective on shares of Cummins from $770.00 to $790.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $745.64.

Cummins Price Performance

Cummins stock opened at $620.43 on Wednesday. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The business has a fifty day moving average of $664.02 and a two-hundred day moving average of $628.32. The company has a market cap of $85.41 billion, a P/E ratio of 31.70, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share 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 analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $6.43 earnings per share. As a group, analysts predict that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders 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 yield of 1.4%. This is a boost from Cummins's previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. 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.

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