Westhampton Capital LLC acquired a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 15,940 shares of the company’s stock, valued at approximately $2,731,000. Cummins accounts for about 2.3% of Westhampton Capital LLC’s portfolio, making the stock its 12th largest position.
Other hedge funds also recently made changes to their positions in the company. Gradient Investments LLC raised its position in shares of Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after purchasing an additional 74 shares during the period. Sonora Investment Management LLC bought a new stake in shares of Cummins in the second quarter valued at approximately $32,000. Lenox Wealth Advisors LLC bought a new stake in shares of Cummins in the second quarter valued at approximately $33,000. SeaBridge Investment Advisors LLC bought a new stake in shares of Cummins in the first quarter valued at approximately $32,000. Finally, Meridian Wealth Management LLC bought a new stake in shares of Cummins in the first quarter valued at approximately $32,000. 81.45% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently issued reports on the stock. Morgan Stanley lowered their price target on shares of Cummins from $167.00 to $162.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 31st. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Loop Capital lowered shares of Cummins from a “hold” rating to a “sell” rating and lowered their price target for the company from $168.00 to $145.00 in a research report on Tuesday, July 2nd. ValuEngine lowered shares of Cummins from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Finally, Wells Fargo & Co lowered their price target on shares of Cummins from $175.00 to $165.00 and set a “market perform” rating on the stock in a research report on Monday, June 3rd. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $166.67.
Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing the consensus estimate of $4.38 by ($0.11). The firm had revenue of $6.22 billion for the quarter, compared to analysts’ expectations of $6.36 billion. Cummins had a net margin of 10.74% and a return on equity of 29.75%. Cummins’s revenue was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm posted $4.14 EPS. Analysts anticipate that Cummins Inc. will post 15.84 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be paid a dividend of $1.311 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $5.24 annualized dividend and a yield of 3.68%. This is a boost from Cummins’s previous quarterly dividend of $1.14. Cummins’s payout ratio is currently 39.61%.
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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