Kelleher Financial Advisors Makes New $332,000 Investment in Cummins Inc. (NYSE:CMI)

Kelleher Financial Advisors bought a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,354 shares of the company’s stock, valued at approximately $332,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC raised its position in shares of Cummins by 89.6% during the second quarter. Sequoia Financial Advisors LLC now owns 2,031 shares of the company’s stock valued at $498,000 after buying an additional 960 shares during the last quarter. Principal Financial Group Inc. raised its position 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 buying an additional 10,562 shares during the last quarter. Kestra Private Wealth Services LLC raised its position in shares of Cummins by 6.8% during the second quarter. Kestra Private Wealth Services LLC now owns 3,926 shares of the company’s stock valued at $962,000 after buying an additional 251 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Cummins by 0.7% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 22,973 shares of the company’s stock valued at $5,632,000 after purchasing an additional 153 shares in the last quarter. Finally, RFG Advisory LLC grew its holdings in shares of Cummins by 1.7% in the second quarter. RFG Advisory LLC now owns 3,502 shares of the company’s stock valued at $859,000 after purchasing an additional 58 shares in the last quarter. Institutional investors own 81.81% of the company’s stock.

Cummins Stock Up 0.5 %

NYSE:CMI opened at $224.57 on Friday. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $265.28. The company has a market cap of $31.83 billion, a price-to-earnings ratio of 11.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.07. The stock has a fifty day simple moving average of $225.65 and a 200-day simple moving average of $231.55. The company has a current ratio of 1.43, a quick ratio of 0.90 and a debt-to-equity ratio of 0.42.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Stockholders of record on Friday, November 24th will be given a dividend of $1.68 per share. The ex-dividend date of this dividend is Wednesday, November 22nd. This represents a $6.72 annualized dividend and a dividend yield of 2.99%. Cummins’s dividend payout ratio (DPR) is 34.25%.

Analysts Set New Price Targets

A number of research firms recently weighed in on CMI. Credit Suisse Group cut their target price on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating for the company in a report on Friday, August 4th. StockNews.com began coverage on shares of Cummins in a report on Thursday, October 5th. They issued a “buy” rating for the company. Bank of America dropped their price objective on shares of Cummins from $273.00 to $264.00 in a research note on Wednesday, October 11th. JPMorgan Chase & Co. lowered shares of Cummins from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $270.00 to $255.00 in a research note on Monday, October 16th. Finally, The Goldman Sachs Group lifted their price objective on shares of Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus target price of $264.50.

About Cummins

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.