Diversify Advisory Services LLC Acquires New Shares in Cummins Inc. $CMI

Key Points

• Diversify Advisory Services acquired 15,200 Cummins shares during the second quarter, valued at approximately $10.06 million. Institutional investors and hedge funds collectively own 83.46% of the company.
• Cummins reported quarterly earnings of $6.73 per share, below the $7.21 consensus estimate, while revenue rose 9.4% year over year to $9.46 billion. Shares opened at $620.43, down 3.2%.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, equivalent to an annualized $8.80 and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $745.64.

Diversify Advisory Services LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 15,200 shares of the company's stock, valued at approximately $10,060,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Vanguard Group Inc. boosted its stake in shares of Cummins by 0.6% during 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 in the last quarter. BlackRock Inc. acquired a new position in shares of Cummins in the second quarter valued at approximately $8,204,241,000. State Street Corp increased its stake in shares of Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company's stock valued at $3,322,954,000 after buying an additional 49,628 shares during the period. Geode Capital Management LLC raised its holdings in Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock valued at $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in 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. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Down 3.2%

Shares of NYSE CMI opened at $620.43 on Wednesday. The company's 50 day moving average price is $664.02 and its 200-day moving average price is $628.32. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The company has a market capitalization 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 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 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 company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $6.43 earnings per share. Equities analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 21st. This is an increase from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio (DPR) is 40.88%.

Analysts Set New Price Targets

A number of research firms have weighed in on CMI. Barclays boosted 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. Weiss Ratings reiterated a "buy (b-)" rating on shares of Cummins in a report on Monday, August 3rd. Morgan Stanley boosted their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Truist Financial set a $894.00 price objective on Cummins in a report on Wednesday, August 5th. Finally, Argus lifted their target price on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source