HBK Sorce Advisory LLC Makes New Investment in Cummins Inc. $CMI

HBK Sorce Advisory LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 3,939 shares of the company’s stock, valued at approximately $2,561,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Elevation Wealth Partners LLC raised its position in shares of Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after buying an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC grew its position in 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. Activest Wealth Management grew its position in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in Cummins in the 4th quarter valued at $27,000. Finally, Key Financial Inc raised its holdings in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CMI. Raymond James Financial increased their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Truist Financial set a $894.00 price target on Cummins in a research note on Wednesday, August 5th. Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Wells Fargo & Company increased their price objective on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Finally, Barclays raised their target price on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Trading Up 0.1%

Shares of CMI stock opened at $631.81 on Monday. The stock’s fifty day moving average price is $665.58 and its two-hundred day moving average price is $627.56. The company has a market cap of $86.98 billion, a PE ratio of 32.28, a P/E/G ratio of 1.50 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. 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 posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS 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 analyst estimates of $9.33 billion. During the same period last year, the firm posted $6.43 EPS. Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts predict that Cummins Inc. will post 30.15 EPS for the current fiscal year.

Cummins Increases Dividend

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