ELCO Management Co. LLC Increases Position in Cummins Inc. (NYSE:CMI)

ELCO Management Co. LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 10.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,960 shares of the company’s stock after buying an additional 271 shares during the period. ELCO Management Co. LLC’s holdings in Cummins were worth $722,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. CKW Financial Group purchased a new stake in shares of Cummins in the second quarter valued at about $32,000. Allred Capital Management LLC purchased a new position in Cummins during the first quarter worth about $45,000. Barrett Asset Management LLC purchased a new position in Cummins during the second quarter worth about $49,000. Paragon Wealth Strategies LLC purchased a new position in Cummins during the second quarter worth about $59,000. Finally, E Fund Management Co. Ltd. purchased a new position in Cummins during the first quarter worth about $67,000. 80.40% of the stock is owned by institutional investors and hedge funds.

Several research firms recently issued reports on CMI. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $251.00 price target for the company. in a report on Thursday, July 15th. The Goldman Sachs Group lowered shares of Cummins from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $270.00 to $230.00 in a research report on Tuesday, August 24th. Vertical Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $280.00 target price on the stock in a research report on Monday, July 26th. Credit Suisse Group upped their target price on shares of Cummins from $300.00 to $307.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Cummins from $262.00 to $255.00 and set a “hold” rating on the stock in a research report on Wednesday, July 14th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $280.83.

NYSE CMI traded down $7.26 during mid-day trading on Monday, reaching $220.43. 15,171 shares of the stock were exchanged, compared to its average volume of 1,053,672. Cummins Inc. has a 1-year low of $199.70 and a 1-year high of $277.09. The business’s fifty day simple moving average is $235.30 and its 200 day simple moving average is $249.12. The stock has a market capitalization of $31.66 billion, a PE ratio of 14.88, a PEG ratio of 1.27 and a beta of 1.05. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.19 and a current ratio of 1.81.

Cummins (NYSE:CMI) last announced its earnings results on Monday, August 2nd. The company reported $4.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.06 by $0.04. Cummins had a net margin of 9.52% and a return on equity of 25.26%. The firm had revenue of $6.10 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter last year, the business earned $1.86 earnings per share. Cummins’s revenue was up 58.4% compared to the same quarter last year. On average, analysts anticipate that Cummins Inc. will post 16.37 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 2nd. Investors of record on Friday, August 20th were given a dividend of $1.45 per share. The ex-dividend date of this dividend was Thursday, August 19th. This represents a $5.80 dividend on an annualized basis and a yield of 2.63%. This is a positive change from Cummins’s previous quarterly dividend of $1.35. Cummins’s dividend payout ratio (DPR) is 47.62%.

Cummins Company Profile

Cummins, Inc designs, manufactures and markets diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas powered engines under the Cummins brand name, 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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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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