Mill Capital Management LLC Takes Position in Cummins Inc. $CMI

Mill Capital Management LLC acquired a new position in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 1,665 shares of the company’s stock, valued at approximately $1,187,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Family Wealth Partners LLC bought a new position in Cummins in the 2nd quarter worth approximately $213,000. Tema ETFs LLC lifted its holdings in shares of Cummins by 6.8% during the second quarter. Tema ETFs LLC now owns 2,264 shares of the company’s stock worth $1,615,000 after buying an additional 145 shares during the last quarter. Redhawk Wealth Advisors Inc. bought a new stake in shares of Cummins in the second quarter valued at approximately $205,000. Revolve Wealth Partners LLC bought a new stake in shares of Cummins in the second quarter valued at approximately $243,000. Finally, Wealthcare Capital Partners LLC acquired a new stake in shares of Cummins in the second quarter worth $323,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $631.81 on Friday. The firm has a market capitalization of $86.98 billion, a PE ratio of 32.28, a PEG ratio of 1.50 and a beta of 1.24. 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 1-year low of $389.52 and a 1-year high of $737.76. The business’s 50 day moving average is $665.58 and its 200-day moving average is $627.15.

Cummins (NYSE:CMI) last issued its 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). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.43 earnings per share. Sell-side analysts predict that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.4%. Cummins’s payout ratio is presently 40.88%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CMI shares. Evercore reaffirmed an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Monday, August 3rd. Finally, Raymond James Financial upped their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to 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.