1,760 Shares in Cummins Inc. $CMI Acquired by Shepherd Financial Partners LLC

Shepherd Financial Partners LLC bought a new position in Cummins Inc. (NYSE:CMI) in the second quarter, HoldingsChannel.com reports. The fund bought 1,760 shares of the company’s stock, valued at approximately $1,255,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Activest Wealth Management boosted its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC increased its position in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the last quarter. Persistent Asset Partners Ltd bought a new position in Cummins in the second quarter valued at about $26,000. Wellington Shields Capital Management LLC bought a new position in Cummins in the fourth quarter valued at about $27,000. Finally, Key Financial Inc boosted its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 2.2%

NYSE CMI opened at $607.02 on Thursday. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $83.56 billion, a P/E ratio of 31.02, a price-to-earnings-growth ratio of 1.48 and a beta of 1.24. The stock’s 50-day moving average price is $663.55 and its 200-day moving average price is $628.49.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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). The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $6.43 earnings per share. On average, equities research analysts predict that Cummins Inc. will post 30.06 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 given 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 dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is currently 40.88%.

Wall Street Analyst Weigh In

CMI has been the subject of several research reports. UBS Group reduced their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price objective on shares of Cummins 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 report on Friday, July 17th. Barclays increased their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Truist Financial set a $894.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

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.