Performance Wealth Partners LLC Purchases Shares of 1,114 Cummins Inc. $CMI

Performance Wealth Partners LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,114 shares of the company’s stock, valued at approximately $795,000.

Other large investors also recently made changes to their positions in the company. Deutsche Bank AG bought a new position in shares of Cummins in the second quarter valued at $372,803,000. Perigon Wealth Management LLC bought a new stake in Cummins during the second quarter worth $4,877,000. Commerzbank Aktiengesellschaft FI acquired a new stake in Cummins in the second quarter valued at $1,919,000. Trust Co. of Vermont bought a new position in shares of Cummins in the 2nd quarter valued at about $12,140,000. Finally, Principle Wealth Partners LLC acquired a new position in shares of Cummins during the 2nd quarter worth about $10,884,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CMI. Argus upped their target price on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Morgan Stanley lifted their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Raymond James Financial raised their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Citigroup lifted their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Finally, Barclays increased their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $745.64.

Cummins Stock Up 1.8%

Shares of CMI opened at $642.56 on Tuesday. The firm has a market cap of $88.45 billion, a P/E ratio of 32.83, 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. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The firm’s 50-day simple moving average is $664.99 and its 200 day simple moving average is $628.02.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter last year, the business earned $6.43 earnings per share. The company’s revenue was up 9.4% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is 40.88%.

Cummins 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.