E&G Advisors LP raised its position in Cummins Inc. (NYSE:CMI) by 7.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,400 shares of the company’s stock after acquiring an additional 100 shares during the period. E&G Advisors LP’s holdings in Cummins were worth $240,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Swiss National Bank lifted its stake in shares of Cummins by 1.1% in the 1st quarter. Swiss National Bank now owns 509,719 shares of the company’s stock worth $80,469,000 after acquiring an additional 5,300 shares during the period. Zions Bancorporation N.A. acquired a new stake in shares of Cummins in the 1st quarter worth $87,000. Clark Capital Management Group Inc. lifted its stake in shares of Cummins by 2.8% in the 2nd quarter. Clark Capital Management Group Inc. now owns 187,443 shares of the company’s stock worth $32,116,000 after acquiring an additional 5,164 shares during the period. KG&L Capital Management LLC lifted its stake in shares of Cummins by 1.5% in the 1st quarter. KG&L Capital Management LLC now owns 7,186 shares of the company’s stock worth $1,135,000 after acquiring an additional 104 shares during the period. Finally, Crossmark Global Holdings Inc. lifted its stake in shares of Cummins by 2.3% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 9,845 shares of the company’s stock worth $1,687,000 after acquiring an additional 226 shares during the period. Institutional investors own 81.45% of the company’s stock.
Several analysts have recently commented on the stock. UBS Group raised their target price on shares of Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research note on Wednesday, May 1st. ValuEngine cut shares of Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Wells Fargo & Co reduced their price objective on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating for the company in a research note on Monday, June 3rd. Stifel Nicolaus raised their price objective on shares of Cummins from $176.00 to $183.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Finally, Evercore ISI reiterated an “in-line” rating and issued a $169.00 price objective (up previously from $163.00) on shares of Cummins in a research note on Friday, May 31st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $166.67.
Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). The firm had revenue of $6.22 billion for the quarter, compared to analysts’ expectations of $6.36 billion. Cummins had a return on equity of 29.75% and a net margin of 10.74%. The business’s quarterly revenue was up 1.5% compared to the same quarter last year. During the same quarter last year, the firm earned $4.14 earnings per share. On average, analysts anticipate that Cummins Inc. will post 15.84 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st will be issued a dividend of $1.311 per share. The ex-dividend date is Tuesday, August 20th. This is an increase from Cummins’s previous quarterly dividend of $1.14. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.69%. Cummins’s payout ratio is 39.61%.
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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