Beese Fulmer Investment Management Inc. increased its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 1.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,372 shares of the company’s stock after acquiring an additional 519 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in Cummins were worth $9,898,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of CMI. Quarry LP acquired a new position in Cummins during the 1st quarter worth about $32,000. Osterweis Capital Management Inc. acquired a new position in Cummins during the 4th quarter worth about $33,000. Core Alternative Capital lifted its stake in Cummins by 305.4% during the 1st quarter. Core Alternative Capital now owns 150 shares of the company’s stock worth $36,000 after acquiring an additional 113 shares in the last quarter. GPS Wealth Strategies Group LLC acquired a new position in Cummins during the 1st quarter worth about $37,000. Finally, Carmel Capital Partners LLC purchased a new stake in Cummins during the 1st quarter worth about $38,000. Institutional investors and hedge funds own 81.81% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Credit Suisse Group cut their price target on Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a report on Friday, August 4th. The Goldman Sachs Group upped their price target on Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. Citigroup upped their price target on Cummins from $265.00 to $290.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. 888 restated a “maintains” rating on shares of Cummins in a report on Wednesday, May 31st. Finally, StockNews.com began coverage on Cummins in a report on Thursday, August 17th. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $266.17.
Cummins Stock Down 0.7 %
Shares of CMI traded down $1.67 during mid-day trading on Friday, reaching $235.37. The company’s stock had a trading volume of 1,185,581 shares, compared to its average volume of 967,286. Cummins Inc. has a 12-month low of $200.40 and a 12-month high of $265.28. The stock has a market cap of $33.34 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 1.15 and a beta of 1.07. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.40 and a quick ratio of 0.85. The company’s 50 day moving average is $243.08 and its 200 day moving average is $234.83.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The company reported $5.18 EPS for the quarter, missing analysts’ consensus estimates of $5.19 by ($0.01). The business had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.39 billion. Cummins had a net margin of 7.89% and a return on equity of 25.46%. The company’s revenue was up 30.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.77 EPS. Equities analysts anticipate that Cummins Inc. will post 19.91 EPS for the current fiscal year.
Cummins Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, September 7th. Investors of record on Friday, August 25th were given a $1.68 dividend. The ex-dividend date was Thursday, August 24th. This is a boost from Cummins’s previous quarterly dividend of $1.57. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.86%. Cummins’s dividend payout ratio is 37.65%.
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.
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