Moran Wealth Management LLC cut its stake in shares of Cummins Inc. (NYSE:CMI – Free Report) by 11.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,965 shares of the company’s stock after selling 1,546 shares during the period. Moran Wealth Management LLC’s holdings in Cummins were worth $2,933,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Cummins by 5.6% during the 1st quarter. BlackRock Inc. now owns 12,218,003 shares of the company’s stock valued at $2,918,637,000 after buying an additional 645,553 shares during the last quarter. State Street Corp raised its stake in Cummins by 3.0% during the 1st quarter. State Street Corp now owns 6,482,278 shares of the company’s stock valued at $1,548,473,000 after buying an additional 191,776 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich raised its stake in Cummins by 99,156.3% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 3,471,984 shares of the company’s stock valued at $851,192,000 after buying an additional 3,468,486 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Cummins by 7.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after acquiring an additional 173,139 shares during the period. Finally, Fisher Asset Management LLC grew its position in shares of Cummins by 13.6% during the 2nd quarter. Fisher Asset Management LLC now owns 2,361,324 shares of the company’s stock valued at $578,902,000 after acquiring an additional 283,027 shares during the period. 81.81% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. StockNews.com initiated coverage on shares of Cummins in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Credit Suisse Group decreased their target price on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. Bank of America decreased their target price on shares of Cummins from $273.00 to $264.00 in a research report on Wednesday, October 11th. Finally, JPMorgan Chase & Co. cut shares of Cummins from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $270.00 to $255.00 in a research report on Monday, October 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $264.50.
Cummins Stock Performance
Cummins stock opened at $224.16 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.43 and a quick ratio of 0.90. Cummins Inc. has a 1-year low of $203.18 and a 1-year high of $265.28. The firm has a market capitalization of $31.77 billion, a P/E ratio of 11.43, a price-to-earnings-growth ratio of 1.17 and a beta of 1.07. The company’s 50-day moving average is $225.28 and its 200 day moving average is $231.58.
Cummins Dividend Announcement
The business 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. This represents a $6.72 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Wednesday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 34.25%.
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.
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