Sanctuary Advisors LLC Makes New $34.03 Million Investment in Cummins Inc. $CMI

Sanctuary Advisors LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 47,717 shares of the company’s stock, valued at approximately $34,032,000.

A number of other institutional investors have also modified their holdings of the stock. Activest Wealth Management boosted 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 buying an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC lifted its holdings in 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. Persistent Asset Partners Ltd acquired a new position in Cummins in the second quarter valued at approximately $26,000. Wellington Shields Capital Management LLC purchased a new stake in Cummins during the fourth quarter worth $27,000. Finally, Key Financial Inc boosted its stake in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $587.87 on Monday. The firm has a 50-day simple moving average of $660.86 and a two-hundred day simple moving average of $628.55. The stock has a market cap of $80.93 billion, a PE ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. 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 (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $9.33 billion. During the same quarter in the prior year, the company posted $6.43 earnings per share. The business’s revenue was up 9.4% compared to the same quarter last year. As a group, analysts forecast that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s payout ratio is currently 44.97%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Truist Financial set a $894.00 price objective on Cummins in a research report on Wednesday, August 5th. CICC Research started coverage on shares of Cummins in a research report on Sunday. They set an “outperform” rating on the stock. Evercore restated an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Finally, Citigroup lifted their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target 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.