Landscape Capital Management L.L.C. Acquires New Position in Cummins Inc. $CMI

Landscape Capital Management L.L.C. bought a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, HoldingsChannel.com reports. The firm bought 8,560 shares of the company’s stock, valued at approximately $6,105,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CMI. 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 grew its position in shares of 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 period. Activest Wealth Management increased its stake in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Finally, Wellington Shields Capital Management LLC acquired a new position in Cummins in the fourth quarter valued at $27,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CMI. Argus raised their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Raymond James Financial increased their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Finally, Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Trading Down 0.9%

Shares of CMI opened at $587.87 on Friday. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The firm has a market capitalization of $80.93 billion, a P/E ratio of 30.04, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. 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 stock’s fifty day simple moving average is $660.86 and its 200 day simple moving average is $628.31.

Cummins (NYSE:CMI) last posted its quarterly 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 net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $6.43 EPS. On average, equities research analysts forecast that Cummins Inc. will post 30.06 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. Stockholders 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 annualized dividend and a dividend yield of 1.5%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 40.88%.

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.