6,026 Shares in Cummins Inc. $CMI Acquired by Meeder Advisory Services Inc.

Key Points

• Meeder Advisory Services acquired 6,026 Cummins shares worth approximately $4.3 million during the second quarter. Institutional investors collectively own 83.46% of the company’s stock.
• Analysts remain broadly positive, with 11 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $745.64.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, though earnings per share of $6.73 missed estimates. The company raised its quarterly dividend to $2.20 per share, representing a 1.4% yield.

Meeder Advisory Services Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,026 shares of the company's stock, valued at approximately $4,298,000.

Several other institutional investors also recently made changes to their positions in the stock. Brighton Jones LLC grew its position in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after acquiring an additional 83 shares during the period. Intech Investment Management LLC lifted its stake in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company's stock valued at $1,240,000 after purchasing an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company's stock worth $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC purchased a new stake in shares of Cummins during the 2nd quarter worth about $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins during the 2nd quarter worth approximately $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Argus boosted their price target on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Wells Fargo & Company lifted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research note on Wednesday, June 17th. Morgan Stanley upped their target price on shares of Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Barclays lifted their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Finally, UBS Group decreased their price objective on shares of Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $745.64.

Cummins Trading Down 3.2%

CMI opened at $620.43 on Wednesday. Cummins Inc. has a 12-month low of $389.52 and a 12-month 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 stock has a market capitalization of $85.41 billion, a PE ratio of 31.70, a P/E/G ratio of 1.50 and a beta of 1.24. The firm's fifty day moving average price is $664.02 and its 200 day moving average price is $628.32.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the firm posted $6.43 EPS. Cummins's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This is an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. Cummins's payout ratio is currently 40.88%.

Cummins Company 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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