Ieq Capital LLC Takes $45.31 Million Position in Cummins Inc. $CMI

Key Points

• Ieq Capital acquired 63,535 Cummins shares during the second quarter, valued at approximately $45.31 million. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a favorable 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 adjusted EPS of $6.73 missed estimates. The company also raised its quarterly dividend to $2.20 per share, implying a 1.5% yield.

Ieq Capital LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 63,535 shares of the company's stock, valued at approximately $45,314,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Activest Wealth Management grew its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after purchasing an additional 43 shares during the period. Cedar Mountain Advisors LLC grew its position in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after acquiring an additional 45 shares during the last quarter. Persistent Asset Partners Ltd bought a new stake in Cummins during the 2nd quarter worth approximately $26,000. Wellington Shields Capital Management LLC acquired a new stake in Cummins during the 4th quarter valued at $27,000. Finally, Key Financial Inc increased its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on CMI shares. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Wells Fargo & Company raised their target price on Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research note on Wednesday, June 17th. JPMorgan Chase & Co. lifted their price target on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. Barclays upped their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 6th. Finally, Evercore restated an "outperform" rating and issued a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $745.64.

Cummins Price Performance

NYSE CMI opened at $587.87 on Friday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The company has a market capitalization of $80.93 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. The firm's 50 day moving average is $660.86 and its 200-day moving average is $628.31.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data 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 return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the firm earned $6.43 EPS. The business's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current fiscal 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 given a dividend of $2.20 per share. This is a boost from Cummins's previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.5%. Cummins's payout ratio 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.

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