Asset One Wealth Management LLC Takes Position in Cummins Inc. $CMI

Key Points

• Asset One Wealth Management acquired 10,617 Cummins shares worth approximately $7.1 million during the second quarter. Institutional investors currently own 83.46% of the company.
• Analysts maintain a generally positive view of Cummins, with 12 Buy ratings and four Holds; the stock has a “Moderate Buy” consensus rating and an average price target of $745.64.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, although earnings of $6.73 per share fell short of estimates. The company also raised its quarterly dividend to $2.20 per share, implying a 1.5% yield.

Asset One Wealth Management LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,617 shares of the company's stock, valued at approximately $7,073,000.

A number of other hedge funds have also recently bought and sold shares of the company. Persistent Asset Partners Ltd bought a new stake in shares of Cummins during the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC increased its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock valued at $33,000 after purchasing an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC increased its holdings in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after purchasing an additional 45 shares during the last quarter. Activest Wealth Management lifted its stake in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after buying an additional 43 shares during the period. Finally, Wellington Shields Capital Management LLC bought a new position in Cummins during the fourth quarter worth about $27,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CMI. Weiss Ratings upgraded Cummins from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 17th. Evercore restated an "outperform" rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Citigroup upped their target price on shares of Cummins from $770.00 to $790.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Barclays increased their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Finally, Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $745.64.

Cummins Stock Performance

CMI opened at $587.87 on Monday. 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's 50-day simple moving average is $660.86 and its 200 day simple moving average is $628.55. The firm has a market capitalization of $80.93 billion, a PE ratio of 30.04, a PEG ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the business earned $6.43 EPS. The business's revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. This is a positive change 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 (DPR) is presently 44.97%.

Cummins Company 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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