Perigon Wealth Management LLC Purchases New Stake in Cummins Inc. $CMI

Perigon Wealth Management LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,837 shares of the company’s stock, valued at approximately $4,877,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CMI. Northwestern Mutual Wealth Management Co. increased its stake in Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new stake in Cummins in the fourth quarter valued at about $863,441,000. Bank of New York Mellon Corp bought a new position in Cummins in the second quarter valued at about $973,198,000. Boston Partners acquired a new position in Cummins during the third quarter worth about $473,471,000. Finally, SG Americas Securities LLC raised its stake in Cummins by 257.9% during the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after acquiring an additional 530,812 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Raymond James Financial raised their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Citigroup boosted their target price 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. UBS Group dropped their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research 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 MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Trading Up 1.8%

Shares of NYSE CMI opened at $642.56 on Tuesday. The stock has a market cap of $88.45 billion, a P/E ratio of 32.83, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. The firm has a 50 day moving average price of $664.99 and a two-hundred day moving average price of $628.02. 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 Inc. has a 52-week low of $389.52 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.43 EPS. As a group, equities analysts forecast that Cummins Inc. will post 30.15 EPS 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 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 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.