Pallas Capital Advisors LLC Invests $2.38 Million in Cummins Inc. $CMI

Pallas Capital Advisors LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,343 shares of the company’s stock, valued at approximately $2,384,000.

A number of other institutional investors have also made changes to their positions in CMI. Activest Wealth Management boosted its position in Cummins by 537.5% during the fourth 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. Cedar Mountain Advisors LLC raised its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the period. Persistent Asset Partners Ltd acquired a new stake in shares of Cummins in the second quarter worth $26,000. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the fourth quarter worth $27,000. Finally, Key Financial Inc boosted its holdings in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Stock Up 1.8%

Shares of CMI opened at $642.56 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a 50-day simple moving average of $664.99 and a 200-day simple moving average of $628.02. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The firm has a market capitalization of $88.45 billion, a P/E ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last released its earnings results 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the business earned $6.43 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Raymond James Financial raised their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Truist Financial set a $894.00 price target on shares of Cummins in a report on Wednesday, August 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Finally, Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

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.