Kendall Capital Management Purchases New Shares in Cummins Inc. $CMI

Kendall Capital Management purchased a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 7,727 shares of the company’s stock, valued at approximately $5,511,000. Cummins accounts for 0.9% of Kendall Capital Management’s investment portfolio, making the stock its 25th largest holding.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CMI. BlackRock Inc. purchased a new stake in shares of Cummins in the 2nd quarter worth about $8,204,241,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. Norges Bank purchased a new position in Cummins during the 4th quarter valued at about $863,441,000. Bank of New York Mellon Corp purchased a new position in Cummins during the 2nd quarter valued at about $973,198,000. Finally, Boston Partners bought a new stake in Cummins during the third quarter worth about $473,471,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. JPMorgan Chase & Co. upped their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Raymond James Financial raised their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Weiss Ratings upgraded Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Finally, Wells Fargo & Company boosted their target price on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Down 0.9%

Shares of Cummins stock opened at $587.87 on Friday. The company has a 50-day simple moving average of $660.86 and a two-hundred day simple moving average of $628.31. The stock has a market capitalization of $80.93 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-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 results on Tuesday, August 4th. The company reported $6.73 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%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.43 EPS. On average, analysts anticipate that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced 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 represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is 40.88%.

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.