Proficio Capital Partners LLC Invests $1.24 Million in Cummins Inc. $CMI

Proficio Capital Partners LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel reports. The firm bought 1,742 shares of the company’s stock, valued at approximately $1,242,000.

Other large investors also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC increased its position in Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares during the period. Treasurer of the State of North Carolina increased its position in Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after buying an additional 1,759 shares during the period. ICW Investment Advisors LLC acquired a new stake in shares of Cummins during the second quarter worth $225,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Cummins in the second quarter valued at about $31,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. Evercore restated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Truist Financial set a $894.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wells Fargo & Company increased their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Finally, Barclays raised their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Cummins Stock Down 2.2%

NYSE CMI opened at $551.77 on Wednesday. The business has a fifty day moving average price of $641.30 and a two-hundred day moving average price of $627.59. 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 Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The stock has a market capitalization of $75.96 billion, a PE ratio of 28.19, a PEG ratio of 1.53 and a beta of 1.23.

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 the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the business posted $6.43 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced 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 a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

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.