Alpine Woods Capital Investors LLC purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 14,074 shares of the company's stock, valued at approximately $10,038,000. Cummins comprises 2.2% of Alpine Woods Capital Investors LLC's investment portfolio, making the stock its 4th largest position.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Meeder Advisory Services Inc. acquired a new position in Cummins during the 2nd quarter valued at about $4,298,000. Meeder Asset Management Inc. bought a new stake in shares of Cummins during the second quarter valued at approximately $9,191,000. Tiemann Investment Advisors LLC acquired a new position in shares of Cummins during the second quarter worth approximately $1,112,000. Citizens Financial Group Inc. RI bought a new position in Cummins in the 2nd quarter worth approximately $27,366,000. Finally, Texas Capital Bank Wealth Management Services Inc acquired a new stake in Cummins in the 2nd quarter valued at approximately $326,000. 83.46% of the stock is currently owned by institutional investors.
Cummins Price Performance
NYSE:CMI opened at $620.43 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business's 50-day moving average price is $664.02 and its 200 day moving average price is $628.32. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The firm has a market cap of $85.41 billion, a P/E ratio of 31.70, a PEG ratio of 1.50 and a beta of 1.24.
Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $6.43 EPS. As a group, sell-side 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. Investors 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 1.4%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. Cummins's payout ratio is presently 40.88%.
Analyst Ratings Changes
Several research analysts have recently issued reports on CMI shares. Raymond James Financial increased their price target on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Cummins in a report on Monday, August 3rd. Barclays increased their target price on shares of Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company boosted their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $745.64.
Get Our Latest Stock Analysis on Cummins
About Cummins
(
Free Report)
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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