BBVA USA Bancshares Inc. boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 5.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,395 shares of the company’s stock after purchasing an additional 399 shares during the period. BBVA USA Bancshares Inc.’s holdings in Cummins were worth $1,455,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. MONECO Advisors LLC boosted its position in Cummins by 3.6% during the first quarter. MONECO Advisors LLC now owns 1,780 shares of the company’s stock valued at $241,000 after purchasing an additional 62 shares during the last quarter. Peddock Capital Advisors LLC boosted its position in Cummins by 2.4% during the first quarter. Peddock Capital Advisors LLC now owns 2,868 shares of the company’s stock valued at $388,000 after purchasing an additional 68 shares during the last quarter. Raymond James Trust N.A. lifted its position in shares of Cummins by 1.5% in the second quarter. Raymond James Trust N.A. now owns 5,545 shares of the company’s stock valued at $960,000 after buying an additional 80 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Cummins by 1.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 7,390 shares of the company’s stock valued at $1,000,000 after buying an additional 83 shares during the last quarter. Finally, Archford Capital Strategies LLC lifted its position in shares of Cummins by 0.6% in the first quarter. Archford Capital Strategies LLC now owns 13,373 shares of the company’s stock valued at $1,810,000 after buying an additional 86 shares during the last quarter. 80.86% of the stock is owned by hedge funds and other institutional investors.
Cummins stock opened at $190.26 on Thursday. The stock’s fifty day moving average price is $174.46 and its two-hundred day moving average price is $160.02. Cummins Inc. has a one year low of $101.03 and a one year high of $190.44. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.40 and a quick ratio of 0.89. The firm has a market cap of $27.47 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 2.57 and a beta of 1.14.
Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $3.18 EPS for the quarter, topping the Zacks’ consensus estimate of $2.18 by $1.00. Cummins had a return on equity of 24.86% and a net margin of 9.34%. The firm had revenue of $5.01 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same quarter last year, the company earned $4.20 EPS. The company’s revenue was down 16.5% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 7.76 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $1.311 per share. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $5.24 dividend on an annualized basis and a yield of 2.76%. Cummins’s dividend payout ratio (DPR) is presently 34.82%.
A number of analysts have recently issued reports on the company. Wells Fargo & Co raised their price objective on Cummins from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Monday. Piper Sandler cut Cummins from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $195.00 to $162.00 in a research report on Tuesday, May 12th. BMO Capital Markets raised their price objective on Cummins from $130.00 to $150.00 and gave the company a “market perform” rating in a research report on Thursday, April 30th. Cfra cut their price objective on Cummins from $176.00 to $170.00 and set a “hold” rating for the company in a research report on Tuesday, April 28th. Finally, Bank of America raised their price objective on Cummins from $145.00 to $165.00 and gave the company a “neutral” rating in a research report on Wednesday, April 29th. Fifteen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $174.06.
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins and other customer brands for the heavy-and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.
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