Elevation Point Wealth Partners LLC Purchases Shares of 14,962 Cummins Inc. $CMI

Elevation Point Wealth Partners LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 14,962 shares of the company’s stock, valued at approximately $10,671,000.

A number of other institutional investors have also modified their holdings of CMI. Activest Wealth Management lifted its holdings 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 buying an additional 43 shares during the period. Cedar Mountain Advisors LLC grew its holdings in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares during the period. Persistent Asset Partners Ltd acquired a new stake in Cummins during the second quarter worth about $26,000. Wellington Shields Capital Management LLC purchased a new position in Cummins during the fourth quarter valued at approximately $27,000. Finally, Key Financial Inc raised its position in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $587.87 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The business’s 50 day moving average is $660.86 and its two-hundred day moving average is $628.31. The company has a market capitalization of $80.93 billion, a P/E ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates 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 firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $6.43 earnings per share. Analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 40.88%.

Wall Street Analyst Weigh In

CMI has been the topic of several recent research reports. Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. Truist Financial set a $894.00 target price on shares of Cummins in a report on Wednesday, August 5th. UBS Group decreased their target price on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Company 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.