46,273 Shares in Cummins Inc. $CMI Purchased by ABN AMRO Bank N.V.

Key Points

• ABN AMRO Bank acquired 46,273 Cummins shares during the second quarter, worth approximately $32.1 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but its $6.73 EPS missed consensus by $0.48.
• The company raised its quarterly dividend from $2.00 to $2.20, bringing the annualized payout to $8.80 and the yield to about 1.4%. Analysts maintain a “Moderate Buy” consensus with an average price target of $745.64.

ABN AMRO Bank N.V. acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 46,273 shares of the company's stock, valued at approximately $32,112,000.

A number of other institutional investors have also recently bought and sold shares of CMI. Valmark Advisers Inc. lifted its stake in Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock worth $472,000 after purchasing an additional 16 shares during the period. Guardian Partners Inc. grew its position in Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock valued at $852,000 after acquiring an additional 16 shares during the period. Nicolet Advisory Services LLC lifted its holdings in shares of Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock valued at $619,000 after acquiring an additional 17 shares during the period. Uhlmann Price Securities LLC grew its holdings in shares of Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock worth $386,000 after purchasing an additional 17 shares during the last quarter. Finally, ICW Investment Advisors LLC increased its position in shares of Cummins by 2.6% during the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company's stock worth $369,000 after purchasing an additional 18 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Up 0.0%

Shares of Cummins stock opened at $631.81 on Friday. Cummins Inc. has a 1 year low of $389.52 and a 1 year 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. The company has a market capitalization of $86.98 billion, a P/E ratio of 32.28, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. The business has a 50-day moving average of $665.58 and a two-hundred day moving average of $627.15.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company posted $6.43 earnings per share. As a group, equities analysts predict that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

The company 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. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. This is a boost from Cummins's previous quarterly dividend of $2.00. Cummins's payout ratio is 40.88%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Robert W. Baird set a $700.00 price target on Cummins in a research report on Wednesday, May 6th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. Barclays raised their price target on shares of Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Argus upped their target price 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 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $745.64.

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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