SGL Investment Advisors Inc. Takes Position in Cummins Inc. $CMI

SGL Investment Advisors Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 9,742 shares of the company’s stock, valued at approximately $6,184,000. Cummins comprises 2.1% of SGL Investment Advisors Inc.’s investment portfolio, making the stock its 14th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Activest Wealth Management lifted its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC increased its position 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 last quarter. Persistent Asset Partners Ltd purchased a new stake in Cummins in the 2nd quarter valued at about $26,000. Wellington Shields Capital Management LLC acquired a new position in Cummins in the fourth quarter valued at about $27,000. Finally, Key Financial Inc lifted its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CMI shares. Evercore reiterated an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Morgan Stanley increased their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday, August 5th. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Finally, Citigroup boosted their price objective on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Price Performance

Shares of CMI opened at $593.12 on Friday. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The firm’s 50 day moving average price is $662.30 and its 200 day moving average price is $628.59. The company has a market cap of $81.65 billion, a P/E ratio of 30.31, a PEG ratio of 1.45 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 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 business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $6.43 EPS. On average, research analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 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.