King Luther Capital Management Corp Has $6 Million Holdings in Cummins Inc. (NYSE:CMI)

King Luther Capital Management Corp raised its holdings in Cummins Inc. (NYSE:CMIFree Report) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,142 shares of the company’s stock after acquiring an additional 148 shares during the period. King Luther Capital Management Corp’s holdings in Cummins were worth $6,000,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Olde Wealth Management LLC acquired a new position in Cummins in the first quarter valued at about $30,000. Capital A Wealth Management LLC acquired a new position in Cummins in the fourth quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new position in Cummins in the first quarter valued at about $37,000. Richardson Financial Services Inc. acquired a new position in Cummins in the first quarter valued at about $39,000. Finally, Costello Asset Management INC acquired a new position in Cummins in the first quarter valued at about $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.8%

NYSE:CMI opened at $387.57 on Monday. The firm has a market capitalization of $53.40 billion, a price-to-earnings ratio of 18.22, a price-to-earnings-growth ratio of 1.88 and a beta of 1.02. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $391.56. The stock’s 50 day moving average price is $339.84 and its two-hundred day moving average price is $331.20. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMIGet Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.26 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, August 22nd. This is a boost from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is presently 34.23%.

Analysts Set New Price Targets

A number of research firms have issued reports on CMI. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Barclays increased their price objective on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Citigroup lifted their target price on Cummins from $380.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Truist Financial lifted their target price on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday. Finally, The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their target price for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $370.83.

Get Our Latest Stock Report on CMI

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director owned 2,441 shares of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.41% of the company’s stock.

Cummins Profile

(Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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