Marietta Wealth Management LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 22.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,709 shares of the company’s stock after purchasing an additional 2,557 shares during the period. Marietta Wealth Management LLC’s holdings in Cummins were worth $1,823,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of CMI. Gables Capital Management Inc. bought a new position in shares of Cummins during the first quarter worth approximately $115,000. Centaurus Financial Inc. bought a new position in shares of Cummins during the first quarter worth approximately $115,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Cummins by 5,873.3% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock worth $119,000 after purchasing an additional 881 shares during the period. McKinley Carter Wealth Services Inc. bought a new position in shares of Cummins during the first quarter worth approximately $146,000. Finally, Signaturefd LLC bought a new position in shares of Cummins during the first quarter worth approximately $159,000. 81.62% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have recently weighed in on CMI shares. Zacks Investment Research lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, April 24th. UBS Group lowered Cummins from a “neutral” rating to a “sell” rating and set a $136.00 target price on the stock. in a research note on Tuesday, May 1st. Wells Fargo & Co lowered Cummins from an “outperform” rating to a “market perform” rating and set a $190.00 target price on the stock. in a research note on Tuesday, May 1st. Buckingham Research lowered Cummins from a “buy” rating to a “neutral” rating and set a $195.00 target price on the stock. in a research note on Wednesday, May 2nd. Finally, Stifel Nicolaus lowered their target price on Cummins from $180.00 to $174.00 and set a “hold” rating on the stock in a research note on Wednesday, May 2nd. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $166.95.
In other Cummins news, VP Tracy A. Embree sold 462 shares of the firm’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $141.70, for a total value of $65,465.40. Following the sale, the vice president now owns 4,122 shares of the company’s stock, valued at approximately $584,087.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Alexis M. Herman sold 735 shares of the firm’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total value of $102,826.50. The disclosure for this sale can be found here. Company insiders own 0.67% of the company’s stock.
Shares of CMI stock opened at $143.35 on Friday. The firm has a market capitalization of $23.12 billion, a price-to-earnings ratio of 13.50, a price-to-earnings-growth ratio of 0.81 and a beta of 1.11. Cummins Inc. has a fifty-two week low of $129.90 and a fifty-two week high of $194.18. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.61.
Cummins (NYSE:CMI) last issued its earnings results on Tuesday, July 31st. The company reported $3.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.63 by ($0.31). The business had revenue of $6.13 billion during the quarter, compared to analyst estimates of $5.81 billion. Cummins had a net margin of 4.67% and a return on equity of 26.30%. The company’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the business posted $2.53 EPS. analysts forecast that Cummins Inc. will post 14.94 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd will be issued a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Tuesday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $1.08. Cummins’s dividend payout ratio (DPR) is currently 40.68%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.
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