First Heartland Consultants Inc. Invests $218,000 in Cummins Inc. (NYSE:CMI)

First Heartland Consultants Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 842 shares of the company’s stock, valued at approximately $218,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Cummins by 5.3% during the first quarter. BlackRock Inc. now owns 13,717,674 shares of the company’s stock worth $3,554,386,000 after purchasing an additional 686,581 shares in the last quarter. Norges Bank purchased a new stake in Cummins in the 4th quarter valued at approximately $450,351,000. Ameriprise Financial Inc. boosted its holdings in Cummins by 21.1% in the 1st quarter. Ameriprise Financial Inc. now owns 1,556,866 shares of the company’s stock valued at $403,399,000 after purchasing an additional 270,933 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Cummins by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,423,189 shares of the company’s stock valued at $368,832,000 after purchasing an additional 25,477 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in Cummins by 25.5% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,327,792 shares of the company’s stock valued at $301,469,000 after purchasing an additional 269,647 shares in the last quarter. Institutional investors and hedge funds own 79.94% of the company’s stock.

Cummins stock opened at $239.38 on Thursday. The business has a 50 day moving average price of $248.18. Cummins Inc. has a 52 week low of $185.05 and a 52 week high of $277.09. The company has a quick ratio of 1.26, a current ratio of 1.82 and a debt-to-equity ratio of 0.40. The firm has a market cap of $35.08 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 1.31 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Monday, May 3rd. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.57. Cummins had a net margin of 9.00% and a return on equity of 22.10%. The firm had revenue of $6.09 billion during the quarter, compared to analyst estimates of $5.38 billion. During the same quarter last year, the business posted $3.18 EPS. The company’s revenue was up 21.6% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 16.21 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 2nd. Shareholders of record on Friday, August 20th will be given a $1.45 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.35. The ex-dividend date is Thursday, August 19th. This represents a $5.80 dividend on an annualized basis and a yield of 2.42%. Cummins’s dividend payout ratio is presently 44.33%.

Several equities research analysts have recently commented on CMI shares. Credit Suisse Group boosted their price target on Cummins from $285.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 5th. Evercore ISI boosted their price target on Cummins from $291.00 to $358.00 in a research note on Wednesday, May 12th. Deutsche Bank Aktiengesellschaft decreased their price target on Cummins from $262.00 to $255.00 and set a “hold” rating on the stock in a research note on Wednesday, July 14th. Robert W. Baird reissued a “hold” rating on shares of Cummins in a research note on Thursday, May 6th. Finally, Cowen upgraded Cummins from a “market perform” rating to an “outperform” rating and set a $284.00 price objective for the company in a research report on Friday, July 16th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $267.35.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.

Read More: Cost of equity and a company’s balance sheet

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI).

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.