Johnson Investment Counsel Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI – Free Report) by 15.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,538 shares of the company’s stock after selling 286 shares during the period. Johnson Investment Counsel Inc.’s holdings in Cummins were worth $377,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the business. Steward Financial Group LLC acquired a new stake in Cummins in the 2nd quarter worth about $27,000. Avion Wealth boosted its holdings in Cummins by 1,571.4% in the 2nd quarter. Avion Wealth now owns 117 shares of the company’s stock worth $27,000 after buying an additional 110 shares during the last quarter. Hexagon Capital Partners LLC boosted its holdings in Cummins by 89.6% in the 2nd quarter. Hexagon Capital Partners LLC now owns 127 shares of the company’s stock worth $31,000 after buying an additional 60 shares during the last quarter. Aspire Private Capital LLC acquired a new stake in Cummins in the 1st quarter worth about $30,815,520,000. Finally, Quarry LP acquired a new stake in Cummins in the 1st quarter worth about $32,000. 81.81% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms recently issued reports on CMI. The Goldman Sachs Group lifted their price objective on Cummins from $241.00 to $270.00 and gave the stock a “neutral” rating in a report on Friday, August 4th. StockNews.com began coverage on shares of Cummins in a research note on Thursday, October 5th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. lowered shares of Cummins from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $270.00 to $255.00 in a research note on Monday, October 16th. Credit Suisse Group decreased their target price on shares of Cummins from $290.00 to $288.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. Finally, Bank of America decreased their target price on shares of Cummins from $273.00 to $264.00 in a research note on Wednesday, October 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average price target of $264.50.
Cummins Stock Down 0.6 %
CMI stock opened at $224.16 on Tuesday. The firm has a market cap of $31.77 billion, a PE ratio of 11.43, a PEG ratio of 1.17 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.90 and a current ratio of 1.43. The firm’s 50 day moving average price is $225.28 and its 200-day moving average price is $231.58. Cummins Inc. has a one year low of $203.18 and a one year high of $265.28.
Cummins Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 7th. Shareholders of record on Friday, November 24th will be given a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date is Wednesday, November 22nd. Cummins’s payout ratio is 34.25%.
Cummins Company Profile
Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers 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; and offers new parts and services, as well as remanufactured parts and engines.
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