5,433 Shares in Cummins Inc. $CMI Purchased by WealthShield Partners LLC

WealthShield Partners LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 5,433 shares of the company’s stock, valued at approximately $3,875,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after purchasing an additional 98,544 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $8,204,241,000. State Street Corp increased its position in shares of Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after purchasing an additional 49,628 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after purchasing an additional 43,722 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $587.87 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $80.93 billion, a P/E ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The stock has a 50 day moving average of $660.86 and a 200-day moving average of $628.31.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter last year, the company posted $6.43 EPS. The firm’s revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed 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 an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio is presently 40.88%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CMI. Truist Financial set a $894.00 target price on shares of Cummins in a report on Wednesday, August 5th. Robert W. Baird set a $700.00 price target on shares of Cummins in a research note on Wednesday, May 6th. Morgan Stanley lifted their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Citigroup boosted their price objective 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. Finally, Weiss Ratings raised shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 17th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price 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.