Partners Capital Investment Group LLP Buys Shares of 1,550 Cummins Inc. $CMI

Partners Capital Investment Group LLP purchased a new position in Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,550 shares of the company’s stock, valued at approximately $1,105,000.

Several other hedge funds have also recently bought and sold shares of CMI. Brighton Jones LLC increased its position in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares in the last quarter. Intech Investment Management LLC boosted its position in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC purchased a new position in Cummins during the 2nd quarter valued at about $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins during the 2nd quarter valued at about $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CMI. UBS Group cut their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Argus raised 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. Citigroup increased their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. CICC Research initiated coverage on shares of Cummins in a report on Sunday. They issued an “outperform” rating on the stock. Finally, Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Twelve 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, Cummins has an average rating of “Moderate Buy” and an average price target of $745.64.

Cummins Stock Performance

NYSE CMI opened at $571.58 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The firm has a market capitalization of $78.68 billion, a P/E ratio of 29.21, a P/E/G ratio of 1.40 and a beta of 1.24. The business’s 50-day simple moving average is $658.70 and its 200-day simple moving average is $628.32.

Cummins (NYSE:CMI) last posted its earnings results 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 business 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 firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $6.43 EPS. Equities analysts predict that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 44.97%.

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.