Flputnam Investment Management Co. Buys Shares of 11,036 Cummins Inc. $CMI

Flputnam Investment Management Co. bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 11,036 shares of the company’s stock, valued at approximately $7,871,000.

Other hedge funds have also made changes to their positions in the company. Elevation Wealth Partners LLC raised 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 in the last quarter. Cedar Mountain Advisors LLC grew its holdings in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Activest Wealth Management grew its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins in the 4th quarter worth about $27,000. Finally, Key Financial Inc raised its stake in shares of Cummins by 62.5% in 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 in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.1%

NYSE:CMI opened at $631.81 on Monday. The firm has a market capitalization of $86.98 billion, a P/E ratio of 32.28, a P/E/G ratio of 1.50 and a beta of 1.24. The business has a 50 day simple moving average of $665.58 and a 200 day simple moving average of $627.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last issued its earnings results 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 analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $6.43 earnings per share. Equities research analysts predict that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. Cummins’s dividend payout ratio is 40.88%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CMI. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Morgan Stanley increased their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. UBS Group decreased their target price on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, August 3rd. Finally, Raymond James Financial raised their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

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.