OneDigital Investment Advisors LLC Takes Position in Cummins Inc. $CMI

OneDigital Investment Advisors LLC purchased a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 5,573 shares of the company’s stock, valued at approximately $3,974,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Activest Wealth Management raised its holdings in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC raised its position in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins during the fourth quarter valued at $27,000. Key Financial Inc increased its position in shares of 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 during the period. Finally, Birchwood Financial Partners Inc. acquired a new position in shares of Cummins in the 4th quarter valued at $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of Cummins stock opened at $631.81 on Monday. The firm 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. The business has a 50-day moving average price of $665.58 and a 200 day moving average price of $627.56. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business 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 firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $6.43 earnings per share. Sell-side analysts predict that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors 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 yield of 1.4%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is 40.88%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CMI shares. UBS Group reduced their target price on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Truist Financial set a $894.00 price target on shares of Cummins in a report on Wednesday, August 5th. Citigroup increased their price target on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. boosted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $745.64.

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.