2,900 Shares in Cummins Inc. $CMI Acquired by SIR Capital Management L.P.

SIR Capital Management L.P. acquired a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,900 shares of the company’s stock, valued at approximately $2,068,000.

Other hedge funds have also added to or reduced their stakes in the company. Persistent Asset Partners Ltd acquired a new position in shares of Cummins in the second quarter valued at about $26,000. Elevation Wealth Partners LLC increased its stake in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC raised its holdings 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 buying an additional 45 shares in the last quarter. Activest Wealth Management lifted its holdings in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the last quarter. Finally, Wellington Shields Capital Management LLC bought a new position in Cummins in the 4th quarter valued at approximately $27,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMI has been the subject of several research reports. Wells Fargo & Company increased their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Argus increased their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. UBS Group decreased their target price on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Twelve investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Performance

Shares of CMI opened at $571.58 on Tuesday. The company has a market capitalization of $78.68 billion, a price-to-earnings ratio of 29.21, a PEG ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average of $658.70 and a 200 day moving average of $628.32.

Cummins (NYSE:CMI) last issued its quarterly earnings results 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 analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $6.43 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio is presently 44.97%.

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.