Callan Family Office LLC Invests $3.71 Million in Cummins Inc. $CMI

Key Points

• Callan Family Office LLC initiated a $3.71 million position in Cummins during the second quarter by purchasing 5,198 shares. Institutional investors and hedge funds collectively own 83.46% of the company.
• Cummins reported quarterly EPS of $6.73, below the $7.21 consensus estimate, while revenue reached $9.46 billion and rose 9.4% year over year.
• The company increased 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.

Callan Family Office LLC bought a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,198 shares of the company's stock, valued at approximately $3,707,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Valmark Advisers Inc. raised its stake in Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock worth $472,000 after purchasing an additional 16 shares in the last quarter. Guardian Partners Inc. grew its position in shares of Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock worth $852,000 after purchasing an additional 16 shares in the last quarter. Nicolet Advisory Services LLC grew its position in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock worth $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC increased its holdings in shares of Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock worth $386,000 after purchasing an additional 17 shares during the period. Finally, ICW Investment Advisors LLC raised its position in shares of Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company's stock valued at $369,000 after buying an additional 18 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of Cummins stock opened at $587.87 on Friday. The company has a 50 day moving average of $660.86 and a 200-day moving average of $628.31. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a market cap of $80.93 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 1.40 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 (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm 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 was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $6.43 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm 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. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio (DPR) is 40.88%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on CMI shares. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Argus raised their price objective on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. Zacks Research cut Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Evercore reiterated an "outperform" rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Finally, Citigroup increased their target price on Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Cummins has an average rating of "Moderate Buy" and a consensus target price of $745.64.

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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