Vise Technologies Inc. bought a new stake in Cummins Inc. (NYSE:CMI – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 18,171 shares of the company’s stock, valued at approximately $12,960,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Cummins in the 2nd quarter valued at about $8,204,241,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Norges Bank acquired a new position in Cummins during the fourth quarter worth about $863,441,000. Bank of New York Mellon Corp purchased a new position in Cummins in the second quarter valued at about $973,198,000. Finally, Boston Partners purchased a new position in Cummins in the third quarter valued at about $473,471,000. 83.46% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have recently commented on the company. Morgan Stanley boosted their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Wells Fargo & Company raised their price objective on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average price target of $745.64.
Cummins Stock Performance
Shares of CMI opened at $593.12 on Friday. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The stock has a market cap of $81.65 billion, a P/E ratio of 30.31, a PEG ratio of 1.45 and a beta of 1.24. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average of $662.30 and a two-hundred day moving average of $628.59.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the company earned $6.43 earnings per share. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 30.06 EPS for the current fiscal year.
Cummins Increases Dividend
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 issued a dividend of $2.20 per share. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. Cummins’s payout ratio is currently 40.88%.
About Cummins
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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