Beverly Hills Private Wealth LLC Takes Position in Cummins Inc. $CMI

Beverly Hills Private Wealth LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 797 shares of the company’s stock, valued at approximately $569,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Activest Wealth Management lifted its holdings in Cummins by 537.5% in 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 grew its holdings in shares of Cummins by 1,500.0% during 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 in the last quarter. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins during the fourth quarter worth about $27,000. Key Financial Inc raised its position in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. purchased a new position in shares of Cummins during the fourth quarter valued at approximately $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of analyst reports. Raymond James Financial raised their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Evercore reissued an “outperform” rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. Finally, Wells Fargo & Company upped their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Price Performance

Cummins stock opened at $631.81 on Monday. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The firm has a 50 day moving average price of $665.58 and a 200 day moving average price of $627.56. The company has a market cap of $86.98 billion, a price-to-earnings 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 (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company posted $6.43 EPS. Sell-side analysts predict that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 40.88%.

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.