Energy Income Partners LLC Buys New Holdings in Cummins Inc. $CMI

Energy Income Partners LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 51,595 shares of the company’s stock, valued at approximately $36,798,000.

Other large investors have also modified their holdings of the company. Juno Financial Group LLC purchased a new stake in shares of Cummins during the fourth quarter worth about $883,000. Truist Financial Corp boosted its holdings in shares of Cummins by 4.8% in the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after buying an additional 2,951 shares during the period. Kepler Cheuvreux Suisse SA acquired a new stake in Cummins during the fourth quarter worth about $7,869,000. Westfield Capital Management Co. LP acquired a new stake in shares of Cummins during the 4th quarter worth approximately $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. lifted its stake in Cummins by 643.0% in the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock valued at $3,732,000 after buying an additional 6,327 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CMI. Wells Fargo & Company lifted their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Monday, August 3rd. Morgan Stanley raised 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. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Price Performance

NYSE CMI opened at $620.43 on Wednesday. The company has a 50 day simple moving average of $664.02 and a 200-day simple moving average of $628.32. 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 firm has a market capitalization of $85.41 billion, a price-to-earnings ratio of 31.70, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the previous year, the firm posted $6.43 earnings per share. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. 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. 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.