Richard P Slaughter Associates Inc boosted its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 8.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,277 shares of the company’s stock after purchasing an additional 480 shares during the quarter. Richard P Slaughter Associates Inc’s holdings in Cummins were worth $1,539,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently modified their holdings of CMI. Quarry LP acquired a new position in shares of Cummins during the 1st quarter worth about $32,000. Osterweis Capital Management Inc. acquired a new position in shares of Cummins during the 4th quarter worth about $33,000. Core Alternative Capital grew its position in shares of Cummins by 305.4% during the 1st quarter. Core Alternative Capital now owns 150 shares of the company’s stock worth $36,000 after buying an additional 113 shares during the period. GPS Wealth Strategies Group LLC acquired a new position in shares of Cummins during the 1st quarter worth about $37,000. Finally, Carmel Capital Partners LLC acquired a new position in shares of Cummins during the 1st quarter worth about $38,000. 81.81% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. The Goldman Sachs Group boosted their target price on Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a research report on Friday, August 4th. StockNews.com began coverage on Cummins in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Credit Suisse Group decreased their price objective on Cummins from $290.00 to $288.00 and set an “outperform” rating for the company in a research report on Friday, August 4th. Citigroup boosted their price objective on Cummins from $265.00 to $290.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Finally, 888 reiterated a “maintains” rating on shares of Cummins in a research report on Wednesday, May 31st. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $266.17.
Cummins Trading Up 1.5 %
NYSE CMI opened at $237.04 on Friday. The stock has a market capitalization of $33.58 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 1.15 and a beta of 1.07. The stock’s 50 day moving average price is $243.28 and its two-hundred day moving average price is $234.94. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.85 and a current ratio of 1.40. Cummins Inc. has a 52 week low of $200.40 and a 52 week high of $265.28.
Cummins (NYSE:CMI – Get Free Report) last released its earnings results on Thursday, August 3rd. The company reported $5.18 EPS for the quarter, missing the consensus estimate of $5.19 by ($0.01). Cummins had a net margin of 7.89% and a return on equity of 25.46%. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.39 billion. During the same quarter in the previous year, the firm posted $4.77 EPS. The company’s revenue was up 30.6% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 19.91 earnings per share for the current fiscal year.
Cummins Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 7th. Stockholders of record on Friday, August 25th were paid a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, August 24th. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.83%. This is a boost from Cummins’s previous quarterly dividend of $1.57. Cummins’s dividend payout ratio is currently 37.65%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines.
- Five stocks we like better than Cummins
- How to Invest in Fertilizer
- Institutions and Insiders Are Gobbling Up Shares of HASI
- Overbought Stocks Explained: Should You Trade Them?
- Investors Betting On Triple-Digit Sales Growth At Las Vegas Sands
- Why Invest in High-Yield Dividend Stocks?
- 3 Reasons Why AMD Might Breakout Higher
Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.