Global Retirement Partners LLC Invests $3.32 Million in Cummins Inc. $CMI

Global Retirement Partners LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 4,653 shares of the company’s stock, valued at approximately $3,319,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Valmark Advisers Inc. raised its position in Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after acquiring an additional 16 shares during the last quarter. Guardian Partners Inc. grew its position in shares of Cummins by 1.0% in the first 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 grew its position in shares of 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 purchasing an additional 17 shares during the last quarter. Uhlmann Price Securities LLC increased its stake in shares of Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after purchasing an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC raised its position in shares of Cummins by 2.6% during the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after purchasing an additional 18 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 0.1%

CMI stock opened at $631.81 on Monday. The stock has a market capitalization of $86.98 billion, a P/E ratio of 32.28, a PEG ratio of 1.50 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a 50 day moving average price of $665.58 and a two-hundred day moving average price of $627.56.

Cummins (NYSE:CMI) last issued its quarterly earnings results 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the prior year, the company earned $6.43 EPS. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.4%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 40.88%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CMI shares. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Morgan Stanley raised their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. UBS Group cut their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Argus increased their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Barclays lifted their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins 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.