Raiffeisen Bank International AG lifted its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 55.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,817 shares of the company’s stock after buying an additional 16,623 shares during the period. Raiffeisen Bank International AG’s holdings in Cummins were worth $32,355,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Cedar Mountain Advisors LLC raised its holdings in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the last quarter. Persistent Asset Partners Ltd acquired a new position in shares of Cummins during the 2nd quarter worth approximately $26,000. Wellington Shields Capital Management LLC purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $27,000. Key Financial Inc increased its holdings in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. Finally, Birchwood Financial Partners Inc. purchased a new position in Cummins during the fourth quarter worth approximately $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.
Cummins Stock Performance
NYSE CMI opened at $545.50 on Friday. The stock has a fifty day simple moving average of $634.80 and a 200-day simple moving average of $626.95. 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 has a market cap of $75.09 billion, a PE ratio of 27.87, a P/E/G ratio of 1.49 and a beta of 1.23. Cummins Inc. has a twelve month low of $390.11 and a twelve month high of $737.76.
Cummins Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s payout ratio is presently 44.97%.
Insider Activity at Cummins
In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.
Analysts Set New Price Targets
CMI has been the subject of several analyst reports. UBS Group dropped their target price on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Raymond James Financial raised their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Finally, Citigroup lifted their target price on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Eleven 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $764.54.
Check Out Our Latest Stock Analysis on CMI
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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