3,658 Shares in Cummins Inc. $CMI Bought by Chancellor Financial Group WB LP

Chancellor Financial Group WB LP bought a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 3,658 shares of the company’s stock, valued at approximately $2,609,000. Cummins accounts for about 1.6% of Chancellor Financial Group WB LP’s portfolio, making the stock its 13th biggest holding.

A number of other hedge funds have also made changes to their positions in the company. Valmark Advisers Inc. boosted its position in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after buying an additional 16 shares in the last quarter. Guardian Partners Inc. increased its holdings in Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after acquiring an additional 16 shares in the last quarter. Nicolet Advisory Services LLC raised its position in Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after acquiring an additional 17 shares during the last quarter. Uhlmann Price Securities LLC raised its position in Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after acquiring an additional 17 shares during the last quarter. Finally, ICW Investment Advisors LLC lifted its holdings in shares of Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent research reports. Barclays raised their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Truist Financial set a $894.00 target price on Cummins in a report on Wednesday, August 5th. Morgan Stanley raised their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Finally, Raymond James Financial increased their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating and four have given 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 price target of $745.64.

Cummins Price Performance

CMI opened at $620.43 on Wednesday. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The company’s 50 day simple moving average is $664.02 and its 200 day simple moving average is $628.32. The stock has a market capitalization of $85.41 billion, a PE ratio of 31.70, a P/E/G ratio of 1.50 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last announced 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). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter last year, the business earned $6.43 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts expect 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. Investors of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. Cummins’s payout ratio is 40.88%.

About Cummins

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.