GSA Capital Partners LLP Makes New Investment in Cummins Inc. $CMI

GSA Capital Partners LLP acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,097 shares of the company’s stock, valued at approximately $782,000.

Other hedge funds also recently made changes to their positions in the company. Elevation Wealth Partners LLC boosted its stake in Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after buying an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC boosted 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 fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new stake in Cummins in the fourth quarter worth $27,000. Finally, Key Financial Inc lifted its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on CMI shares. Robert W. Baird set a $700.00 price objective on Cummins in a report on Wednesday, May 6th. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Wells Fargo & Company raised their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Morgan Stanley lifted their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Finally, Argus upped their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Stock Performance

Shares of NYSE:CMI opened at $607.02 on Thursday. The firm has a 50 day moving average of $663.55 and a 200 day moving average of $628.49. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $83.56 billion, a price-to-earnings ratio of 31.02, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last announced its 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). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period last year, the business posted $6.43 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts predict that Cummins Inc. will post 30.06 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 of this dividend is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. Cummins’s dividend payout ratio is 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.