Elevation Point Wealth Partners LLC Invests $10.67 Million in Cummins Inc. $CMI

Key Points

• Elevation Point Wealth Partners acquired 14,962 Cummins shares valued at approximately $10.67 million during the second quarter. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $745.64.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, though earnings per share of $6.73 fell short of estimates. The company also raised its quarterly dividend to $2.20 per share, implying a 1.5% annual yield.

Elevation Point Wealth Partners LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 14,962 shares of the company's stock, valued at approximately $10,671,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alta Advisers Ltd purchased a new position in Cummins during the 2nd quarter worth $363,000. Daiichi Life Insurance Co. Ltd. purchased a new stake in Cummins in the second quarter valued at about $5,022,000. Commerce Bank acquired a new stake in Cummins in the second quarter worth about $14,480,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Cummins in the second quarter worth about $18,251,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Cummins during the second quarter worth about $3,234,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Truist Financial set a $894.00 price objective on shares of Cummins in a report on Wednesday, August 5th. UBS Group lowered their target price on shares of Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Weiss Ratings raised shares of 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 target on shares of Cummins in a research note on Monday, May 11th. Finally, Citigroup raised their price target on shares of 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 given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $745.64.

Cummins Stock Down 0.9%

Shares of CMI stock opened at $587.87 on Friday. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The firm has a market capitalization of $80.93 billion, a PE ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24. 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 stock's 50-day simple moving average is $660.86 and its 200-day simple moving average is $628.31.

Cummins (NYSE:CMI - Get Free Report) last released its 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). 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 revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $6.43 EPS. Equities analysts expect that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio (DPR) is presently 40.88%.

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