Focus Partners Advisor Solutions LLC Purchases New Position in Cummins Inc. $CMI

Key Points

• Focus Partners Advisor Solutions purchased 5,201 Cummins shares worth approximately $3.71 million during the second quarter. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings per share of $6.73 fell short of analysts’ $7.21 estimate.
• The company increased its quarterly dividend to $2.20 per share, representing an annualized dividend of $8.80 and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $745.64.

Focus Partners Advisor Solutions LLC purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,201 shares of the company's stock, valued at approximately $3,710,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its stake in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. Norges Bank acquired a new position in Cummins in the fourth quarter valued at $863,441,000. Boston Partners acquired a new position in Cummins in the third quarter valued at $473,471,000. SG Americas Securities LLC grew its holdings in shares of Cummins by 257.9% during the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company's stock worth $396,343,000 after purchasing an additional 530,812 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Cummins by 245.1% during the fourth quarter. First Trust Advisors LP now owns 542,796 shares of the company's stock worth $277,071,000 after purchasing an additional 385,525 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Up 0.0%

CMI opened at $631.81 on Friday. The business has a 50 day moving average price of $665.58 and a two-hundred day moving average price of $627.15. 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 company has a market cap of $86.98 billion, a PE ratio of 32.28, a P/E/G ratio of 1.50 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 posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The company 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 firm's revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $6.43 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CMI shares. Raymond James Financial boosted their target price on Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Sanford C. Bernstein restated a "market perform" rating and set a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Morgan Stanley lifted their price target on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Barclays boosted their price objective on Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Finally, Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average 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.

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