Ieq Capital LLC Purchases New Holdings in Cummins Inc. $CMI

Ieq Capital LLC purchased a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 63,535 shares of the company’s stock, valued at approximately $45,314,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $8,204,241,000. Northwestern Mutual Wealth Management Co. increased its holdings in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new position in Cummins during the fourth quarter worth $863,441,000. Bank of New York Mellon Corp bought a new stake in Cummins during the second quarter worth $973,198,000. Finally, Boston Partners bought a new stake in Cummins during the third quarter worth $473,471,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.9%

Shares of CMI 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 firm’s 50 day moving average is $660.86 and its 200-day moving average is $628.31. The stock has a market capitalization of $80.93 billion, a PE ratio of 30.04, a P/E/G ratio of 1.41 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period in the prior year, the company earned $6.43 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Raymond James Financial lifted their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Wells Fargo & Company upped their target price on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Finally, Evercore reiterated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.