Everett Harris & Co. CA Purchases New Position in Cummins Inc. $CMI

Everett Harris & Co. CA acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,170 shares of the company’s stock, valued at approximately $834,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after buying an additional 98,544 shares in the last quarter. State Street Corp increased its holdings in shares of Cummins by 0.8% during the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after buying an additional 49,628 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Cummins by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after buying an additional 35,286 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after acquiring an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $631.81 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The firm has a market cap of $86.98 billion, a PE ratio of 32.28, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. The firm’s fifty day moving average is $665.58 and its 200-day moving average is $627.15.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.43 earnings per share. Sell-side analysts predict that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. Cummins’s dividend payout ratio is presently 40.88%.

Analyst Ratings Changes

CMI has been the topic of a number of research reports. Barclays boosted their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Wells Fargo & Company increased their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Raymond James Financial lifted their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. boosted their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.