1,986 Shares in Cummins Inc. $CMI Acquired by 1ST Source Bank

Key Points

• 1ST Source Bank acquired 1,986 Cummins shares valued at approximately $1.42 million in the second quarter. Institutional investors and hedge funds own 83.46% of the company.
• Analysts remain broadly positive, with 11 Buy ratings and four Holds; Cummins has a consensus rating of “Moderate Buy” and an average price target of $745.64.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, although EPS of $6.73 missed estimates. The company also raised its quarterly dividend to $2.20 per share, implying a 1.4% yield.

1ST Source Bank purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,986 shares of the company's stock, valued at approximately $1,416,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fielder Capital Group LLC bought a new position in Cummins during the 2nd quarter worth $314,000. Lynch Asset Management Inc. bought a new stake in shares of Cummins in the second quarter valued at about $13,587,000. Bank of New York Mellon Corp acquired a new position in shares of Cummins in the second quarter valued at about $973,198,000. Leeward Financial Partners LLC bought a new position in Cummins during the second quarter worth about $4,823,000. Finally, Focus Partners Advisor Solutions LLC bought a new position in Cummins during the second quarter worth about $3,710,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on CMI shares. Raymond James Financial boosted their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Wells Fargo & Company lifted their price target on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. Argus boosted their price target on Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Truist Financial set a $894.00 price target on Cummins in a research report on Wednesday, August 5th. Finally, Morgan Stanley raised their price objective on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $745.64.

Cummins Stock Up 0.1%

NYSE CMI opened at $631.81 on Monday. The business has a fifty day moving average price of $665.58 and a two-hundred day moving average price of $627.56. The stock has a market capitalization of $86.98 billion, a PE ratio of 32.28, a PEG ratio of 1.50 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week 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.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.43 EPS. Equities analysts expect that Cummins Inc. will post 30.15 earnings per share 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 given a $2.20 dividend. This is an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 21st. Cummins's dividend payout ratio (DPR) is 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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