Evolve Private Wealth LLC Buys Shares of 2,299 Cummins Inc. $CMI

Evolve Private Wealth LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,299 shares of the company’s stock, valued at approximately $1,640,000.

A number of other hedge funds have also made changes to their positions in the stock. Persistent Asset Partners Ltd purchased a new position in Cummins during the second quarter valued at approximately $26,000. Elevation Wealth Partners LLC lifted its position in Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 22 shares in 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 valued at $26,000 after buying an additional 45 shares during the period. Activest Wealth Management grew its holdings in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares in the last quarter. Finally, Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the fourth quarter worth $27,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on CMI shares. JPMorgan Chase & Co. lifted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Weiss Ratings raised Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Evercore reiterated an “outperform” rating and set a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Raymond James Financial increased their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, Morgan Stanley raised their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

CMI opened at $587.87 on Friday. 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 market cap of $80.93 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24. The stock has a 50-day moving average of $660.86 and a 200-day moving average of $628.31. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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). The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $6.43 earnings per share. As a group, equities 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. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. This is an increase 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.