Weybosset Research & Management LLC lifted its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 0.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 44,362 shares of the company’s stock after buying an additional 248 shares during the quarter. Cummins accounts for about 4.0% of Weybosset Research & Management LLC’s holdings, making the stock its 10th biggest position. Weybosset Research & Management LLC’s holdings in Cummins were worth $10,876,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. raised its stake in shares of Cummins by 1.6% during the first quarter. Principal Financial Group Inc. now owns 670,084 shares of the company’s stock valued at $160,070,000 after acquiring an additional 10,562 shares during the last quarter. Dfpg Investments LLC grew its position in shares of Cummins by 162.2% in the 1st quarter. Dfpg Investments LLC now owns 5,089 shares of the company’s stock valued at $1,216,000 after buying an additional 3,148 shares during the last quarter. Empirical Finance LLC increased its stake in shares of Cummins by 4.6% in the first quarter. Empirical Finance LLC now owns 3,994 shares of the company’s stock valued at $954,000 after buying an additional 176 shares during the period. Ronald Blue Trust Inc. increased its stake in shares of Cummins by 33.5% in the first quarter. Ronald Blue Trust Inc. now owns 1,980 shares of the company’s stock valued at $479,000 after buying an additional 497 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Cummins by 0.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 28,703 shares of the company’s stock worth $6,954,000 after acquiring an additional 249 shares during the last quarter. Institutional investors and hedge funds own 81.81% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. The Goldman Sachs Group upped their target price on Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a report on Friday, August 4th. 888 reissued a “maintains” rating on shares of Cummins in a research note on Wednesday, May 31st. Citigroup upped their price target on shares of Cummins from $265.00 to $290.00 and gave the company a “buy” rating in a research report on Tuesday, July 18th. Credit Suisse Group lowered 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. Finally, StockNews.com initiated coverage on Cummins in a research note on Thursday, August 17th. They set a “buy” rating for the company. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $266.17.
Cummins Trading Up 1.3 %
Shares of Cummins stock opened at $238.39 on Tuesday. 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. The stock has a 50 day moving average price of $243.08 and a two-hundred day moving average price of $234.73. The stock has a market capitalization of $33.77 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 1.16 and a beta of 1.07.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings data on Thursday, August 3rd. The company reported $5.18 earnings per share for the quarter, missing the consensus estimate of $5.19 by ($0.01). Cummins had a return on equity of 25.46% and a net margin of 7.89%. The business had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.39 billion. During the same quarter in the previous year, the company posted $4.77 EPS. The business’s quarterly revenue was up 30.6% on a year-over-year basis. As a group, equities analysts anticipate that Cummins Inc. will post 19.91 earnings per share for the current fiscal year.
Cummins Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Shareholders 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 yield of 2.82%. This is an increase from Cummins’s previous quarterly dividend of $1.57. Cummins’s 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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