Manning & Napier Advisors LLC acquired a new stake in Cummins Inc. (NYSE:CMI – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 12,194 shares of the company’s stock, valued at approximately $8,697,000.
Several other large investors also recently modified their holdings of CMI. Activest Wealth Management increased its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC boosted its stake in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares during the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of Cummins during the 2nd quarter valued at approximately $26,000. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins during the fourth quarter worth approximately $27,000. Finally, Key Financial Inc increased its stake in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.
Cummins Trading Down 2.7%
Shares of NYSE CMI opened at $571.58 on Tuesday. The company has a market cap of $78.68 billion, a price-to-earnings ratio of 29.21, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. 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 stock’s 50 day simple moving average is $658.70 and its 200 day simple moving average is $628.32.
Cummins Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s dividend payout ratio is 44.97%.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on the stock. Barclays boosted their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Truist Financial set a $894.00 target price on Cummins in a report on Wednesday, August 5th. Citigroup boosted their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $745.64.
Read Our Latest Stock Analysis on CMI
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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