Tulsa Wealth Advisors INC Takes $3.96 Million Position in Cummins Inc. $CMI

Key Points

• Tulsa Wealth Advisors purchased 5,557 Cummins shares during the second quarter, establishing a position valued at approximately $3.96 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but earnings of $6.73 per share fell short of the $7.21 consensus forecast.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, while analysts maintain a “Moderate Buy” consensus rating and an average price target of $745.64.

Tulsa Wealth Advisors INC purchased a new position in Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 5,557 shares of the company's stock, valued at approximately $3,964,000.

A number of other hedge funds also recently bought and sold shares of CMI. Activest Wealth Management increased its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC raised its holdings in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $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 in the fourth quarter worth approximately $27,000. Key Financial Inc lifted its stake in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after buying an additional 20 shares in the last quarter. Finally, Birchwood Financial Partners Inc. purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $28,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Up 0.1%

CMI stock opened at $631.81 on Monday. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The business's 50-day moving average is $665.58 and its two-hundred day moving average is $627.56. 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 price-to-earnings ratio of 32.28, a P/E/G ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last released 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 firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the firm earned $6.43 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, 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 issued a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. Cummins's payout ratio is 40.88%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. Truist Financial set a $894.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 13th. Robert W. Baird set a $700.00 target price on Cummins in a report on Wednesday, May 6th. Finally, UBS Group decreased their price target on Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently 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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