Shepherd Financial Partners LLC Purchases New Position in Cummins Inc. $CMI

Key Points

• Shepherd Financial Partners purchased 1,760 shares of Cummins, valued at approximately $1.26 million. Institutional investors collectively own 83.46% of the company’s outstanding stock.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $745.64, despite mixed individual ratings.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but missed earnings expectations with EPS of $6.73 versus $7.21 estimated. The company also raised its quarterly dividend to $2.20 per share.

Shepherd Financial Partners LLC purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,760 shares of the company's stock, valued at approximately $1,255,000.

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

Analyst Ratings Changes

A number of research firms have issued reports on CMI. Barclays increased their price objective on Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Truist Financial set a $894.00 target price on shares of Cummins in a report on Wednesday, August 5th. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Cummins from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $745.64.

Cummins Stock Down 2.2%

Cummins stock opened at $607.02 on Thursday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The stock has a fifty day simple moving average of $663.55 and a two-hundred day simple moving average of $628.49. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a market cap of $83.56 billion, a price-to-earnings ratio of 31.02, a PEG ratio of 1.48 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly 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 for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the company earned $6.43 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities analysts predict that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.4%. This is an increase from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio (DPR) is currently 40.88%.

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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