Great Lakes Advisors LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 46,191 shares of the company’s stock, valued at approximately $32,944,000.
Several other large investors have also bought and sold shares of the business. Compass Wealth Management LLC bought a new position in Cummins in the second quarter valued at approximately $334,000. Robotti Robert bought a new stake in shares of Cummins during the 2nd quarter valued at $392,000. Danske Bank A S acquired a new position in shares of Cummins in the 2nd quarter valued at $94,674,000. Diversify Advisory Services LLC acquired a new position in shares of Cummins in the 2nd quarter valued at $10,060,000. Finally, Wealthfront Advisers LLC bought a new position in shares of Cummins in the 2nd quarter worth $12,353,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.
Cummins Trading Down 3.2%
NYSE CMI opened at $620.43 on Wednesday. The stock has a market capitalization of $85.41 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 1.50 and a beta of 1.24. The stock’s 50 day moving average price is $664.02 and its two-hundred day moving average price is $628.32. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76.
Cummins Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is 40.88%.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on CMI shares. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Citigroup raised their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Morgan Stanley boosted their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Raymond James Financial upped their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Finally, Argus increased their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $745.64.
View Our Latest Stock Report on Cummins
Cummins Company 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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