Occidental Asset Management LLC Takes Position in Cummins Inc. $CMI

Occidental Asset Management LLC bought a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 11,672 shares of the company’s stock, valued at approximately $8,325,000. Cummins comprises about 0.8% of Occidental Asset Management LLC’s investment portfolio, making the stock its 23rd biggest holding.

Other hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its holdings in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Norges Bank bought a new stake in Cummins in the 4th quarter worth approximately $863,441,000. Bank of New York Mellon Corp purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $973,198,000. Boston Partners bought a new position in shares of Cummins during the 3rd quarter valued at approximately $473,471,000. Finally, SG Americas Securities LLC boosted its position in shares of Cummins by 257.9% during the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock valued at $396,343,000 after acquiring an additional 530,812 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE CMI opened at $642.56 on Tuesday. The business’s 50 day moving average price is $664.99 and its 200-day moving average price is $628.02. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The company has a market cap of $88.45 billion, a P/E ratio of 32.83, a P/E/G ratio of 1.50 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 issued its quarterly 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the business earned $6.43 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid 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 dividend yield of 1.4%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 40.88%.

Analysts Set New Price Targets

Several brokerages recently weighed in on CMI. Truist Financial set a $894.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $745.64.

Cummins 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.