Sanctuary Advisors LLC Takes $34.03 Million Position in Cummins Inc. $CMI

Key Points

• Sanctuary Advisors acquired 47,717 Cummins shares worth approximately $34.03 million during the second quarter. Institutional investors collectively own 83.46% of CMI’s outstanding shares.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and four Holds producing a consensus “Moderate Buy” rating 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 missed estimates. The company also raised its quarterly dividend to $2.20 per share, a 10% increase.

Sanctuary Advisors LLC purchased a new position 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 47,717 shares of the company's stock, valued at approximately $34,032,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. Valmark Advisers Inc. lifted its position in shares of Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock worth $472,000 after purchasing an additional 16 shares during the last quarter. Guardian Partners Inc. increased its stake in Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock worth $852,000 after buying an additional 16 shares during the period. Nicolet Advisory Services LLC lifted its holdings in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock valued at $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC boosted its position in Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock valued at $386,000 after buying an additional 17 shares during the period. Finally, ICW Investment Advisors LLC grew its stake in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company's stock worth $369,000 after acquiring an additional 18 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on CMI. Evercore reaffirmed an "outperform" rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Sanford C. Bernstein restated a "market perform" rating and set a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday, August 5th. Robert W. Baird set a $700.00 price target on Cummins in a research report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. raised their price target on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Twelve equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Cummins has an average rating of "Moderate Buy" and a consensus target price of $745.64.

Cummins Price Performance

NYSE CMI opened at $587.87 on Monday. The company has a market cap 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 firm's 50 day moving average price is $660.86 and its 200-day moving average price is $628.55. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. 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 earnings results 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 analysts' expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.43 EPS. Sell-side analysts forecast that Cummins Inc. will post 30.06 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. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. This is a boost from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio (DPR) is currently 44.97%.

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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