Oppenheimer Asset Management Inc. Makes New Investment in Cummins Inc. $CMI

Key Points

• Oppenheimer Asset Management acquired 4,394 shares of Cummins valued at approximately $3.13 million, while 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 the $7.21 analyst consensus.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, providing 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.

Oppenheimer Asset Management Inc. 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 disclosure with the SEC. The firm acquired 4,394 shares of the company's stock, valued at approximately $3,134,000.

Other institutional investors have also recently made changes to their positions in the company. Activest Wealth Management raised its position in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after acquiring an additional 43 shares during the period. Cedar Mountain Advisors LLC increased its stake in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins in the 4th quarter valued at about $27,000. Kemnay Advisory Services Inc. acquired a new position in Cummins in the 4th quarter worth about $28,000. Finally, Birchwood Financial Partners Inc. acquired a new position in Cummins in the 4th quarter worth about $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 0.0%

NYSE CMI opened at $631.81 on Friday. The business has a fifty day moving average price of $665.58 and a 200 day moving average price of $627.15. 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 cap 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. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76.

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 the consensus estimate of $7.21 by ($0.48). The business 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. Research analysts anticipate that Cummins Inc. will post 30.15 EPS for the current fiscal 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. 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 a positive change from Cummins's previous quarterly dividend of $2.00. Cummins's payout ratio is currently 40.88%.

Wall Street Analyst Weigh In

Several brokerages have commented on CMI. JPMorgan Chase & Co. raised their price objective on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Cummins in a research note on Monday, August 3rd. Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday, August 5th. Morgan Stanley lifted their price target on shares of Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Finally, Barclays boosted their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Cummins currently has a consensus rating of "Moderate Buy" and an average target price of $745.64.

Cummins Company 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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