Patron Partners LLC Takes $2.16 Million Position in Cummins Inc. $CMI

Patron Partners LLC bought a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,034 shares of the company’s stock, valued at approximately $2,164,000. Cummins accounts for about 0.8% of Patron Partners LLC’s holdings, making the stock its 28th largest holding.

Several other large investors have also recently bought and sold shares of the business. Valmark Advisers Inc. boosted its position in Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after acquiring an additional 16 shares during the period. Guardian Partners Inc. increased its holdings in shares of Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after purchasing an additional 16 shares during the period. Nicolet Advisory Services LLC lifted its position in shares of Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after purchasing an additional 17 shares in the last quarter. Uhlmann Price Securities LLC lifted its position in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after purchasing an additional 17 shares in the last quarter. Finally, ICW Investment Advisors LLC boosted its holdings in shares of Cummins by 2.6% during the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after purchasing an additional 18 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Down 0.9%

NYSE:CMI opened at $587.87 on Friday. The stock’s 50 day moving average price is $660.86 and its 200 day moving average price is $628.31. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The company has a market capitalization of $80.93 billion, a P/E ratio of 30.04, a P/E/G ratio of 1.41 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 (NYSE:CMI) last posted its earnings results 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 business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm earned $6.43 earnings per share. On average, research analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Raymond James Financial boosted their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Evercore restated an “outperform” rating and set a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Morgan Stanley upped their price target on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average target price of $745.64.

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.