Commerzbank Aktiengesellschaft FI purchased a new position in shares of Cummins Inc. (NYSE:CMI – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,691 shares of the company’s stock, valued at approximately $1,919,000.
Several other large investors have also modified their holdings of CMI. Juno Financial Group LLC acquired a new stake in shares of Cummins in the 4th quarter worth $883,000. Truist Financial Corp increased its stake in shares of Cummins by 4.8% during the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after acquiring an additional 2,951 shares during the period. Smith Salley Wealth Management raised its holdings in Cummins by 1,381.8% during the fourth quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after purchasing an additional 20,299 shares in the last quarter. Kepler Cheuvreux Suisse SA purchased a new position in Cummins during the fourth quarter worth about $7,869,000. Finally, Westfield Capital Management Co. LP acquired a new stake in Cummins in the fourth quarter valued at about $7,797,000. 83.46% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have issued reports on CMI. Citigroup boosted their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday, August 3rd. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.
Cummins Trading Up 1.8%
Shares of Cummins stock opened at $642.56 on Tuesday. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The business has a 50 day moving average price of $664.99 and a 200 day moving average price of $628.02. The company has a market capitalization of $88.45 billion, a P/E ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $6.43 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 30.15 EPS for the current fiscal year.
Cummins Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 40.88%.
Cummins Profile
Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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