Empirical Asset Management LLC Invests $780,000 in Cummins Inc. $CMI

Empirical Asset Management LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,094 shares of the company’s stock, valued at approximately $780,000.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in Cummins during the 2nd quarter worth approximately $8,204,241,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. Norges Bank acquired a new stake in shares of Cummins in the fourth quarter worth $863,441,000. Bank of New York Mellon Corp purchased a new position in shares of Cummins during the second quarter valued at $973,198,000. Finally, Boston Partners acquired a new position in Cummins during the third quarter valued at $473,471,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 3.2%

Cummins stock opened at $620.43 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market capitalization of $85.41 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 1.50 and a beta of 1.24. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company’s fifty day moving average price is $664.02 and its two-hundred day moving average price is $628.32.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm earned $6.43 EPS. On average, analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business 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 dividend on an annualized basis and a dividend yield of 1.4%. 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 dividend payout ratio (DPR) is 40.88%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CMI shares. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Argus boosted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.