Premier Path Wealth Partners LLC Makes New $339,000 Investment in Cummins Inc. (NYSE:CMI)

Premier Path Wealth Partners LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,225 shares of the company's stock, valued at approximately $339,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of CMI. Albert D Mason Inc. grew its holdings in shares of Cummins by 0.4% during the first quarter. Albert D Mason Inc. now owns 9,257 shares of the company's stock worth $2,728,000 after buying an additional 37 shares in the last quarter. Greenleaf Trust grew its holdings in Cummins by 0.5% in the first quarter. Greenleaf Trust now owns 7,720 shares of the company's stock valued at $2,275,000 after purchasing an additional 40 shares during the period. Bangor Savings Bank grew its holdings in Cummins by 39.2% in the second quarter. Bangor Savings Bank now owns 142 shares of the company's stock valued at $39,000 after purchasing an additional 40 shares during the period. Patrick M Sweeney & Associates Inc. grew its holdings in Cummins by 2.4% in the first quarter. Patrick M Sweeney & Associates Inc. now owns 1,956 shares of the company's stock valued at $576,000 after purchasing an additional 46 shares during the period. Finally, First Pacific Financial grew its holdings in Cummins by 1.2% in the first quarter. First Pacific Financial now owns 3,823 shares of the company's stock valued at $1,127,000 after purchasing an additional 47 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CMI shares. Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a "neutral" rating in a report on Friday, August 2nd. Raymond James started coverage on shares of Cummins in a report on Friday, June 28th. They issued a "market perform" rating for the company. Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a "buy" rating and a $320.00 target price for the company. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the company an "in-line" rating in a report on Monday. Finally, Barclays boosted their target price on shares of Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of "Hold" and a consensus target price of $299.55.

Cummins Stock Up 1.7 %

Shares of NYSE CMI traded up $5.27 during trading on Friday, reaching $309.31. 669,857 shares of the stock were exchanged, compared to its average volume of 1,784,292. The business's 50-day moving average price is $286.67 and its 200 day moving average price is $282.53. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $42.31 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts' consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion for the quarter, compared to analysts' expectations of $8.33 billion. During the same period in the previous year, the company posted $5.18 earnings per share. The business's revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 18.61 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. This is a boost from Cummins's previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, August 23rd. Cummins's payout ratio is presently 53.29%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the company's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company's stock, valued at $6,269,205.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.56% of the company's stock.

Cummins 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 Accelera. 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 parts and services, as well as remanufactured parts and engines.

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