Tiemann Investment Advisors LLC Purchases New Position in Cummins Inc. $CMI

Key Points

• Tiemann Investment Advisors acquired 1,559 Cummins shares worth approximately $1.11 million, while institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly EPS of $6.73, below the $7.21 consensus estimate, but revenue rose 9.4% year over year to $9.46 billion, exceeding expectations.
• The company increased its quarterly dividend from $2.00 to $2.20 per share, implying an annualized yield of about 1.4%; analysts maintain a “Moderate Buy” consensus with an average price target of $745.64.

Tiemann Investment Advisors LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,559 shares of the company's stock, valued at approximately $1,112,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Valmark Advisers Inc. lifted its stake in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock valued at $472,000 after purchasing an additional 16 shares during the last quarter. Guardian Partners Inc. increased its position in shares of Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock valued at $852,000 after purchasing an additional 16 shares during the last quarter. Nicolet Advisory Services LLC raised 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 during the period. Uhlmann Price Securities LLC raised its holdings in Cummins by 2.4% during 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 lifted its position in Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company's stock worth $369,000 after buying an additional 18 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Trading Up 1.8%

NYSE CMI opened at $642.56 on Tuesday. The stock has a market cap of $88.45 billion, a PE ratio of 32.83, a PEG ratio of 1.50 and a beta of 1.24. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The company's 50-day moving average price is $664.99 and its 200-day moving average price is $628.02. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data 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 the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $6.43 EPS. Equities research analysts forecast that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. This is a boost from Cummins's previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins's payout ratio is currently 40.88%.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of analyst reports. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Argus increased their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Morgan Stanley raised their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Finally, UBS Group dropped their target price on Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $745.64.

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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