Everett Harris & Co. CA Buys Shares of 1,170 Cummins Inc. $CMI

Everett Harris & Co. CA purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,170 shares of the company’s stock, valued at approximately $834,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Valmark Advisers Inc. increased its position in shares of Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after buying an additional 16 shares during the period. Guardian Partners Inc. raised its stake in Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after buying an additional 16 shares during the last quarter. Nicolet Advisory Services LLC lifted its holdings in Cummins by 1.6% in the fourth 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 boosted its position in 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 acquiring an additional 17 shares during the last quarter. Finally, ICW Investment Advisors LLC boosted its position in 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 acquiring an additional 18 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.0%

CMI opened at $631.81 on Friday. The company has a fifty day moving average price of $665.58 and a two-hundred day moving average price of $627.15. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The company has a market cap of $86.98 billion, a P/E ratio of 32.28, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. 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) last released its quarterly earnings data 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). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $6.43 EPS. Analysts predict that Cummins Inc. will post 30.15 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared 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 is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) is currently 40.88%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CMI. Wells Fargo & Company lifted their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Morgan Stanley upped their target price on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Citigroup lifted their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. boosted their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Raymond James Financial increased their price target on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average 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.