Knuff & Co LLC Acquires New Position in Cummins Inc. $CMI

Knuff & Co LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,965 shares of the company’s stock, valued at approximately $1,401,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Persistent Asset Partners Ltd purchased a new position in shares of Cummins during the 2nd quarter worth $26,000. Elevation Wealth Partners LLC grew its position in shares of Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC increased its stake in Cummins by 1,500.0% in the first 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. Activest Wealth Management lifted its position in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Finally, Wellington Shields Capital Management LLC purchased a new position in Cummins during the fourth quarter worth about $27,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Cummins stock opened at $607.02 on Thursday. The company 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. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock’s 50-day moving average is $663.55 and its 200-day moving average is $628.49.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $6.43 EPS. Equities analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm 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 dividend of $2.20 per share. 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%. The ex-dividend date is Friday, August 21st. Cummins’s payout ratio is presently 40.88%.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent analyst reports. JPMorgan Chase & Co. lifted their price target on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Weiss Ratings raised shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Evercore restated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Morgan Stanley upped their price target 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, Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company 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.