Outlook Capital Management LLC Buys Shares of 21,401 Cummins Inc. $CMI

Outlook Capital Management LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, HoldingsChannel.com reports. The fund purchased 21,401 shares of the company’s stock, valued at approximately $15,263,000. Cummins comprises about 4.9% of Outlook Capital Management LLC’s holdings, making the stock its 4th biggest holding.

Several other hedge funds have also recently made changes to their positions in CMI. Persistent Asset Partners Ltd purchased a new stake in Cummins during the 2nd quarter valued at $26,000. Elevation Wealth Partners LLC lifted its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the period. Cedar Mountain Advisors LLC boosted its position in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins during the 4th quarter valued at about $27,000. Finally, Key Financial Inc increased its position in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 2.9%

Shares of CMI stock opened at $561.44 on Friday. 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 stock has a fifty day simple moving average of $632.30 and a two-hundred day simple moving average of $626.49. The firm has a market capitalization of $77.29 billion, a PE ratio of 28.69, a PEG ratio of 1.47 and a beta of 1.23. Cummins Inc. has a 52-week low of $390.11 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the previous year, the firm earned $6.43 earnings per share. Cummins’s revenue was up 9.4% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were paid a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is currently 44.97%.

Analyst Ratings Changes

Several brokerages recently issued reports on CMI. UBS Group cut their target price 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. Truist Financial set a $894.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Wells Fargo & Company boosted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Argus lifted their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $764.54.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.30% of the stock is owned by insiders.

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.