Western Wealth Management LLC Boosts Holdings in Cummins Inc. $CMI

Western Wealth Management LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 310.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,704 shares of the company’s stock after purchasing an additional 2,046 shares during the period. Western Wealth Management LLC’s holdings in Cummins were worth $1,455,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. NewEdge Advisors LLC boosted its position in Cummins by 123.1% in the 1st quarter. NewEdge Advisors LLC now owns 96,147 shares of the company’s stock valued at $51,729,000 after buying an additional 53,048 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Cummins in the 1st quarter valued at about $179,000. First Nebraska Trust Co acquired a new stake in shares of Cummins in the 1st quarter valued at about $704,000. Financial Solutions Advisory Group Inc. acquired a new stake in Cummins during the first quarter valued at approximately $4,823,000. Finally, Keel Point LLC lifted its holdings in Cummins by 16.2% during the 1st quarter. Keel Point LLC now owns 1,229 shares of the company’s stock worth $661,000 after buying an additional 171 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI opened at $638.07 on Thursday. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The company has a market cap of $87.84 billion, a price-to-earnings ratio of 32.60, a price-to-earnings-growth 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. The firm has a fifty day moving average of $666.90 and a 200-day moving average of $626.70.

Cummins (NYSE:CMI) last released its quarterly earnings data 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 firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the business earned $6.43 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared 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 an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is 40.88%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CMI shares. UBS Group lowered their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Morgan Stanley boosted their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $745.64.

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.