Occidental Asset Management LLC Makes New $8.32 Million Investment in Cummins Inc. $CMI

Occidental Asset Management LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 11,672 shares of the company’s stock, valued at approximately $8,325,000. Cummins accounts for approximately 0.8% of Occidental Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after buying an additional 98,544 shares during the last quarter. State Street Corp increased its holdings in Cummins by 0.8% during the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after buying an additional 49,628 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after acquiring an additional 35,286 shares during the period. Fisher Asset Management LLC raised its position in Cummins by 1.3% in the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after acquiring an additional 43,722 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.8%

Shares of CMI opened at $642.56 on Tuesday. The business’s 50 day moving average is $664.99 and its 200 day moving average is $628.02. 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 Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The company has a market capitalization of $88.45 billion, a PE ratio of 32.83, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results 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 return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company earned $6.43 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business 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 is a positive change from Cummins’s previous quarterly dividend of $2.00. 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. Cummins’s dividend payout ratio (DPR) is currently 40.88%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CMI. Citigroup boosted their price objective on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. UBS Group lowered their target price on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Evercore restated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Barclays lifted their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Truist Financial set a $894.00 price objective on Cummins in a research note on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

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.