Raiffeisen Bank International AG Invests $16.78 Million in Cummins Inc. (NYSE:CMI)

Raiffeisen Bank International AG acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 48,148 shares of the company’s stock, valued at approximately $16,775,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Global Trust Asset Management LLC grew its position in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department acquired a new position in Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. grew its position in shares of Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock worth $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC bought a new stake in shares of Cummins in the 4th quarter valued at about $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of CMI opened at $333.47 on Thursday. The stock has a market capitalization of $45.94 billion, a price-to-earnings ratio of 11.84, a PEG ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The firm has a fifty day simple moving average of $303.97 and a 200 day simple moving average of $341.37. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $5.08 EPS. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be issued a $1.82 dividend. The ex-dividend date is Friday, May 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.18%. Cummins’s payout ratio is 36.22%.

Analyst Ratings Changes

CMI has been the subject of several recent analyst reports. Citigroup upped their target price on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday. Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Morgan Stanley boosted their target price on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Finally, Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $354.83.

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 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.