BerganKDV Wealth Management LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 1.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,353 shares of the company’s stock after buying an additional 320 shares during the period. Cummins accounts for 0.8% of BerganKDV Wealth Management LLC’s portfolio, making the stock its 26th biggest holding. BerganKDV Wealth Management LLC’s holdings in Cummins were worth $6,425,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Glassman Wealth Services increased its position in shares of Cummins by 58.4% during the 1st quarter. Glassman Wealth Services now owns 122 shares of the company’s stock valued at $32,000 after purchasing an additional 45 shares during the period. CKW Financial Group acquired a new position in Cummins during the second quarter worth about $32,000. Allred Capital Management LLC acquired a new position in Cummins during the first quarter worth about $45,000. Barrett Asset Management LLC bought a new stake in Cummins in the second quarter worth about $49,000. Finally, Paragon Wealth Strategies LLC acquired a new stake in Cummins in the 2nd quarter valued at about $59,000. 80.40% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently commented on CMI shares. Vertical Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $280.00 target price for the company in a research note on Monday, July 26th. Zacks Investment Research cut Cummins from a “buy” rating to a “hold” rating and set a $251.00 target price on the stock. in a report on Thursday, July 15th. Morgan Stanley reduced their target price on Cummins from $271.00 to $264.00 and set an “equal weight” rating for the company in a report on Monday, August 9th. Credit Suisse Group boosted their price objective on Cummins from $300.00 to $307.00 and gave the stock an “outperform” rating in a report on Wednesday, August 4th. Finally, The Goldman Sachs Group cut shares of Cummins from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $270.00 to $230.00 in a report on Tuesday, August 24th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $280.83.
Cummins (NYSE:CMI) last released its quarterly earnings data on Monday, August 2nd. The company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.06 by $0.04. Cummins had a return on equity of 25.26% and a net margin of 9.52%. The firm had revenue of $6.10 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter last year, the firm earned $1.86 earnings per share. The business’s revenue for the quarter was up 58.4% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 16.37 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 2nd. Investors of record on Friday, August 20th were issued a $1.45 dividend. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $5.80 dividend on an annualized basis and a yield of 2.46%. This is an increase from Cummins’s previous quarterly dividend of $1.35. Cummins’s dividend payout ratio is currently 47.62%.
Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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