TCM Advisors LLC Invests $1.35 Million in Cummins Inc. $CMI

TCM Advisors LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 1,900 shares of the company’s stock, valued at approximately $1,355,000. Cummins accounts for about 0.1% of TCM Advisors LLC’s investment portfolio, making the stock its 10th biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Persistent Asset Partners Ltd acquired a new position in shares of Cummins during the 2nd quarter worth about $26,000. Elevation Wealth Partners LLC lifted its holdings in shares of Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC boosted its position in shares of Cummins by 1,500.0% in 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 period. Activest Wealth Management grew its stake in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the last quarter. Finally, Wellington Shields Capital Management LLC acquired a new position in Cummins during the 4th quarter valued at $27,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CMI. CICC Research started coverage on shares of Cummins in a research report on Sunday. They issued an “outperform” rating on the stock. Citigroup boosted their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Morgan Stanley upped their price target on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. UBS Group decreased their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Finally, Truist Financial set a $894.00 price objective on Cummins in a research report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Up 0.0%

Shares of CMI opened at $587.87 on Monday. 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 50-day moving average price of $660.86 and a two-hundred day moving average price of $628.55. The stock has a market cap of $80.93 billion, a price-to-earnings ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion during 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 for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.43 earnings per share. Equities analysts predict that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued 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 positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 44.97%.

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.