Beverly Hills Private Wealth LLC Takes Position in Cummins Inc. $CMI

Beverly Hills Private Wealth LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 797 shares of the company’s stock, valued at approximately $569,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Elevation Wealth Partners LLC lifted its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the period. Cedar Mountain Advisors LLC grew its stake in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the period. Activest Wealth Management grew its stake in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins in the 4th quarter valued at about $27,000. Finally, Key Financial Inc increased its holdings in shares of Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on CMI shares. Raymond James Financial upped their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. Barclays boosted their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Finally, Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

NYSE:CMI opened at $631.81 on Monday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $665.58 and a two-hundred day moving average price of $627.56. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The company has a market capitalization of $86.98 billion, a P/E ratio of 32.28, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company earned $6.43 EPS. As a group, research analysts expect that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

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

Cummins Profile

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.