Whitener Capital Management Inc. lifted its position in Cummins Inc. (NYSE:CMI – Free Report) by 3.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 4,481 shares of the company’s stock after buying an additional 156 shares during the period. Whitener Capital Management Inc.’s holdings in Cummins were worth $1,099,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in CMI. Synovus Financial Corp raised its position in shares of Cummins by 254.4% in the 1st quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock worth $1,242,000 after acquiring an additional 4,378 shares in the last quarter. Cibc World Market Inc. raised its holdings in Cummins by 65.4% in the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock worth $3,732,000 after purchasing an additional 7,191 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Cummins by 16.1% in the 1st quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after buying an additional 13,058 shares in the last quarter. Prudential PLC purchased a new position in shares of Cummins in the 1st quarter worth approximately $711,000. Finally, Cetera Investment Advisers raised its stake in shares of Cummins by 43.0% during the 1st quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock worth $1,313,000 after acquiring an additional 1,925 shares in the last quarter. 81.81% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on CMI shares. StockNews.com began coverage on shares of Cummins in a research note on Thursday, August 17th. They issued a “buy” rating for the company. 888 restated a “maintains” rating on shares of Cummins in a research note on Wednesday, May 31st. Credit Suisse Group reduced their target price on Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. Citigroup boosted their price target on Cummins from $265.00 to $290.00 and gave the stock a “buy” rating in a research note on Tuesday, July 18th. Finally, The Goldman Sachs Group increased their price objective on shares of Cummins from $241.00 to $270.00 and gave the company a “neutral” rating in a research report on Friday, August 4th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $266.17.
Cummins Stock Performance
Shares of CMI stock traded down $3.35 during mid-day trading on Tuesday, reaching $234.99. The stock had a trading volume of 259,237 shares, compared to its average volume of 964,155. Cummins Inc. has a 1-year low of $200.40 and a 1-year high of $265.28. The firm has a market cap of $33.29 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 1.16 and a beta of 1.07. The company has a current ratio of 1.40, a quick ratio of 0.85 and a debt-to-equity ratio of 0.45. The business’s fifty day moving average is $243.08 and its 200-day moving average is $234.73.
Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $5.18 earnings per share for the quarter, missing the consensus estimate of $5.19 by ($0.01). Cummins had a return on equity of 25.46% and a net margin of 7.89%. The business had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.39 billion. During the same quarter last year, the company posted $4.77 EPS. Cummins’s quarterly revenue was up 30.6% compared to the same quarter last year. On average, research analysts forecast that Cummins Inc. will post 19.91 earnings per share for the current year.
Cummins Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 7th. Shareholders of record on Friday, August 25th were issued a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.86%. This is a positive change from Cummins’s previous quarterly dividend of $1.57. The ex-dividend date was Thursday, August 24th. Cummins’s dividend payout ratio is presently 37.65%.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.
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