HBK Sorce Advisory LLC Acquires New Holdings in Cummins Inc. $CMI

HBK Sorce Advisory LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel.com reports. The firm bought 3,939 shares of the company’s stock, valued at approximately $2,561,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the last quarter. Intech Investment Management LLC grew its position in Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina grew its position in Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC acquired a new position in Cummins in the 2nd quarter worth about $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in Cummins in the 2nd quarter worth about $31,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on CMI shares. Wells Fargo & Company lifted their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. UBS Group lowered their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Truist Financial set a $894.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Finally, Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Up 0.1%

Shares of CMI opened at $631.81 on Monday. The company has a market capitalization of $86.98 billion, a PE ratio of 32.28, a PEG ratio of 1.50 and a beta of 1.24. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The stock’s 50-day moving average price is $665.58 and its two-hundred day moving average price is $627.56. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter last year, the firm posted $6.43 EPS. The company’s quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts anticipate that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

The company also recently announced 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. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 40.88%.

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.