Van Hulzen Asset Management LLC Takes Position in Cummins Inc. $CMI

Key Points

• Van Hulzen Asset Management acquired 3,071 Cummins shares worth approximately $2.19 million in the second quarter. Institutional investors and hedge funds collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with 12 Buy ratings and four Holds; Cummins has a consensus rating of “Moderate Buy” and an average price target of $745.64.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, although earnings of $6.73 per share fell short of estimates. The company also raised its quarterly dividend to $2.20 per share, a 10% increase.

Van Hulzen Asset Management LLC bought 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 Securities & Exchange Commission. The firm bought 3,071 shares of the company's stock, valued at approximately $2,190,000.

Several other large investors have also recently bought and sold shares of CMI. Activest Wealth Management raised its holdings in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC grew 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 buying an additional 45 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in Cummins during the second quarter valued at approximately $26,000. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins during the 4th quarter worth $27,000. Finally, Key Financial Inc lifted its stake in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Truist Financial set a $894.00 price objective on Cummins in a report on Wednesday, August 5th. Argus raised their target price on shares of Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research note on Monday, June 1st. CICC Research assumed coverage on shares of Cummins in a report on Sunday. They set an "outperform" rating for the company. Raymond James Financial boosted their price objective on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings raised shares of Cummins from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, August 17th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $745.64.

Cummins Stock Down 2.7%

Shares of NYSE CMI opened at $571.58 on Tuesday. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The firm's 50-day moving average is $658.70 and its 200-day moving average is $628.32. 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 capitalization of $78.68 billion, a PE ratio of 29.21, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the company earned $6.43 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The business 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 dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. 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 presently 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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