State of Michigan Retirement System boosted its stake in Cummins Inc. (NYSE:CMI) by 7.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 37,684 shares of the company’s stock after purchasing an additional 2,520 shares during the quarter. State of Michigan Retirement System’s holdings in Cummins were worth $6,529,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. FDx Advisors Inc. bought a new position in shares of Cummins during the 1st quarter worth about $27,000. Ballast Advisors LLC acquired a new position in Cummins during the 1st quarter worth approximately $28,000. Capital Square LLC acquired a new position in Cummins during the 1st quarter worth approximately $30,000. Creative Financial Designs Inc. ADV bought a new position in Cummins in the first quarter worth approximately $32,000. Finally, Sonora Investment Management LLC grew its stake in Cummins by 87.4% in the first quarter. Sonora Investment Management LLC now owns 238 shares of the company’s stock valued at $32,000 after acquiring an additional 111 shares during the period. 80.86% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently issued reports on CMI shares. Citigroup increased their target price on Cummins from $182.00 to $192.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Oppenheimer assumed coverage on shares of Cummins in a research note on Tuesday, July 28th. They issued a “hold” rating on the stock. Piper Sandler downgraded shares of Cummins from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $195.00 to $162.00 in a research report on Tuesday, May 12th. Bank of America raised their price target on shares of Cummins from $185.00 to $216.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Deutsche Bank initiated coverage on Cummins in a report on Tuesday, June 30th. They set a “hold” rating and a $172.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $185.71.
CMI stock opened at $193.26 on Friday. The stock has a market cap of $28.51 billion, a P/E ratio of 17.24, a P/E/G ratio of 3.39 and a beta of 1.14. The company has a current ratio of 1.42, a quick ratio of 0.89 and a debt-to-equity ratio of 0.20. The stock’s fifty day simple moving average is $176.98 and its two-hundred day simple moving average is $160.75. Cummins Inc. has a 1-year low of $101.03 and a 1-year high of $204.98.
Cummins (NYSE:CMI) last released its earnings results on Tuesday, July 28th. The company reported $1.86 EPS for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.93. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $3.68 billion. Cummins had a return on equity of 21.04% and a net margin of 8.46%. The business’s revenue for the quarter was down 38.1% compared to the same quarter last year. During the same period in the previous year, the business posted $4.27 EPS. As a group, analysts forecast that Cummins Inc. will post 8.78 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $1.311 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Thursday, August 20th. Cummins’s payout ratio is 34.82%.
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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