Tulsa Wealth Advisors INC Invests $3.96 Million in Cummins Inc. $CMI

Tulsa Wealth Advisors INC bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel reports. The firm bought 5,557 shares of the company’s stock, valued at approximately $3,964,000.

Several other hedge funds have also bought and sold shares of CMI. Brighton Jones LLC raised its stake in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC lifted its position in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,759 shares during the period. ICW Investment Advisors LLC purchased a new stake in Cummins in the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. bought a new stake in Cummins during the 2nd quarter worth approximately $31,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CMI shares. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Evercore reiterated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Argus raised their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. UBS Group lowered their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company upped their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Stock Performance

NYSE:CMI opened at $631.81 on Monday. 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 stock’s fifty day moving average is $665.58 and its 200 day moving average is $627.56. 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 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 firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $6.43 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders 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 is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. Cummins’s payout ratio is 40.88%.

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.