OneAscent Financial Services LLC Invests $1.78 Million in Cummins Inc. $CMI

OneAscent Financial Services LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 2,501 shares of the company’s stock, valued at approximately $1,784,000.

Other institutional investors have also added to or reduced their stakes in the company. Persistent Asset Partners Ltd acquired a new position in Cummins in the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC lifted its holdings in shares of Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC boosted its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the period. Activest Wealth Management boosted its position in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the period. Finally, Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the fourth quarter valued at about $27,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Weiss Ratings raised shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Wells Fargo & Company boosted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Argus increased their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Finally, Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Down 2.5%

Shares of NYSE CMI opened at $593.12 on Friday. 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 52 week low of $389.52 and a 52 week high of $737.76. The stock has a market capitalization of $81.65 billion, a P/E ratio of 30.31, a PEG ratio of 1.45 and a beta of 1.24. The stock’s fifty day moving average is $662.30 and its 200 day moving average is $628.59.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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). The firm 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%.The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $6.43 EPS. Sell-side analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 40.88%.

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.