1,196 Shares in Cummins Inc. $CMI Acquired by Keebeck Wealth Management

Keebeck Wealth Management bought a new position 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. The firm bought 1,196 shares of the company’s stock, valued at approximately $853,000.

Several other large investors have also added to or reduced their stakes in CMI. Valmark Advisers Inc. increased its stake in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after purchasing an additional 16 shares in the last quarter. Guardian Partners Inc. raised its position in shares of Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after purchasing an additional 16 shares during the period. Nicolet Advisory Services LLC lifted its stake in shares of Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC boosted its holdings in Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after buying an additional 17 shares during the period. Finally, ICW Investment Advisors LLC boosted its holdings in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after buying an additional 18 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CMI. Barclays raised their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Morgan Stanley upped their price objective on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings upgraded Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Finally, Citigroup lifted their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Performance

CMI opened at $587.87 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock has a market capitalization of $80.93 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.41 and a beta of 1.24. The company has a fifty day moving average of $660.86 and a 200 day moving average of $628.31. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly earnings results 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 analysts’ expectations of $9.33 billion. During the same quarter in the previous year, the firm earned $6.43 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 30.06 earnings per share 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%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is presently 40.88%.

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.