3,725 Shares in Cummins Inc. $CMI Acquired by Csenge Advisory Group

Csenge Advisory Group purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 3,725 shares of the company’s stock, valued at approximately $2,657,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Activest Wealth Management boosted its stake in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC lifted its holdings in 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 acquiring an additional 45 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Cummins during the 2nd quarter valued at about $26,000. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $27,000. Finally, Key Financial Inc raised its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $607.02 on Thursday. The firm has a market cap of $83.56 billion, a price-to-earnings ratio of 31.02, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. The company’s fifty day moving average is $663.55 and its 200-day moving average is $628.49. 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 12 month low of $389.52 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (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 firm posted $6.43 EPS. Equities analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company 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 dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio is currently 40.88%.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent research reports. JPMorgan Chase & Co. lifted their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Wells Fargo & Company lifted their price target on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Morgan Stanley lifted their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Barclays boosted their price target 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 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 has an average rating of “Moderate Buy” and an average target price of $745.64.

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.