Leeward Financial Partners LLC Takes $4.82 Million Position in Cummins Inc. $CMI

Key Points

• Leeward Financial Partners acquired 6,763 Cummins shares worth approximately $4.82 million, making CMI its 23rd-largest holding and 1.3% of its portfolio. Institutional investors collectively own 83.46% of the stock.
• Wall Street remains generally positive, with an average rating of “Moderate Buy” and a consensus price target of $745.64. Eleven analysts rate Cummins a Buy, while four rate it a Hold.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but EPS of $6.73 fell short of estimates. The company also raised its quarterly dividend to $2.20, equivalent to an annualized $8.80 payout and a 1.4% yield.

Leeward Financial Partners LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,763 shares of the company's stock, valued at approximately $4,823,000. Cummins comprises 1.3% of Leeward Financial Partners LLC's investment portfolio, making the stock its 23rd largest holding.

A number of other institutional investors and hedge funds also recently modified their holdings of CMI. Activest Wealth Management raised its stake in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after buying an additional 43 shares during the period. Cedar Mountain Advisors LLC lifted its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after buying an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of Cummins during the 4th quarter worth approximately $27,000. Key Financial Inc boosted its stake in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after acquiring an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. bought a new position in shares of Cummins during the 4th quarter worth approximately $28,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Sanford C. Bernstein restated a "market perform" rating and issued a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Barclays lifted their price objective 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. Wells Fargo & Company increased their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $745.64.

Cummins Stock Up 0.0%

CMI opened at $631.81 on Friday. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. 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 company has a market capitalization of $86.98 billion, a P/E ratio of 32.28, a P/E/G ratio of 1.50 and a beta of 1.24. The stock has a fifty day moving average of $665.58 and a 200-day moving average of $627.15.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. 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 previous year, the firm posted $6.43 EPS. The company's revenue was up 9.4% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 30.15 EPS 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 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 yield of 1.4%. This is an increase from Cummins's previous quarterly dividend of $2.00. Cummins's payout ratio is presently 40.88%.

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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