Hartford Financial Management Inc. Raises Stock Position in Cummins Inc. (NYSE:CMI)

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Hartford Financial Management Inc. increased its position in shares of Cummins Inc. (NYSE:CMI) by 55.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,600 shares of the company’s stock after purchasing an additional 2,000 shares during the period. Hartford Financial Management Inc.’s holdings in Cummins were worth $960,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Ronna Sue Cohen raised its holdings in shares of Cummins by 16,590.4% in the 1st quarter. Ronna Sue Cohen now owns 2,152,730 shares of the company’s stock valued at $2,153,000 after purchasing an additional 2,139,832 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Cummins by 41.7% during the 1st quarter. American Century Companies Inc. now owns 3,555,700 shares of the company’s stock worth $561,338,000 after acquiring an additional 1,046,677 shares in the last quarter. Miller Howard Investments Inc. NY grew its position in Cummins by 2,124.6% during the 1st quarter. Miller Howard Investments Inc. NY now owns 485,381 shares of the company’s stock worth $76,627,000 after purchasing an additional 463,562 shares during the last quarter. First Trust Advisors LP grew its position in Cummins by 165.9% during the 1st quarter. First Trust Advisors LP now owns 614,285 shares of the company’s stock worth $96,977,000 after purchasing an additional 383,230 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Cummins by 37.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,289,666 shares of the company’s stock worth $172,338,000 after purchasing an additional 350,979 shares during the last quarter. 81.51% of the stock is owned by hedge funds and other institutional investors.

Shares of Cummins stock opened at $151.07 on Wednesday. The firm has a fifty day simple moving average of $166.19. The firm has a market cap of $23.53 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 1.18 and a beta of 1.14. Cummins Inc. has a 12 month low of $124.40 and a 12 month high of $175.91. The company has a quick ratio of 1.04, a current ratio of 1.66 and a debt-to-equity ratio of 0.18.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The business had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. During the same period in the previous year, the firm earned $4.14 earnings per share. The business’s revenue was up 1.5% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 15.84 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be given a $1.311 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 3.47%. This is a positive change from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date is Tuesday, August 20th. Cummins’s dividend payout ratio (DPR) is 34.47%.

CMI has been the topic of a number of recent analyst reports. ValuEngine downgraded shares of Cummins from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Loop Capital lowered shares of Cummins from a “hold” rating to a “sell” rating and lowered their target price for the stock from $168.00 to $145.00 in a research note on Tuesday, July 2nd. Stifel Nicolaus raised their price objective on shares of Cummins from $176.00 to $183.00 and gave the company a “buy” rating in a research note on Wednesday, May 1st. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $185.00 price objective for the company in a research note on Friday, May 3rd. Finally, Evercore ISI reissued an “in-line” rating and set a $169.00 price objective (up previously from $163.00) on shares of Cummins in a report on Friday, May 31st. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $166.67.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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