Van Hulzen Asset Management LLC Takes $2.19 Million Position in Cummins Inc. $CMI

Van Hulzen Asset Management LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 3,071 shares of the company’s stock, valued at approximately $2,190,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC lifted its stake in Cummins by 40.8% in the first 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 boosted its holdings in shares of Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after buying an additional 1,759 shares during the period. ICW Investment Advisors LLC bought a new stake in shares of Cummins during the second quarter worth $225,000. Finally, Osterweis Capital Management Inc. bought a new stake in Cummins in the 2nd quarter valued at $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CMI. JPMorgan Chase & Co. increased their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Truist Financial set a $894.00 price objective on Cummins in a research report on Wednesday, August 5th. Evercore reiterated an “outperform” rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Argus boosted their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Price Performance

NYSE:CMI opened at $571.58 on Tuesday. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The company has a market cap of $78.68 billion, a P/E ratio of 29.21, a P/E/G ratio of 1.40 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock’s 50-day simple moving average is $658.70 and its 200 day simple moving average is $628.32.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company posted $6.43 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 44.97%.

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.