Allworth Financial LP purchased a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 30,969 shares of the company's stock, valued at approximately $22,087,000.
Several other institutional investors and hedge funds have also bought and sold shares of CMI. Juno Financial Group LLC bought a new position in shares of Cummins during the fourth quarter valued at approximately $883,000. Truist Financial Corp boosted its position in shares of Cummins by 4.8% in the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company's stock worth $32,671,000 after purchasing an additional 2,951 shares in the last quarter. Kepler Cheuvreux Suisse SA bought a new stake in shares of Cummins in the 4th quarter worth approximately $7,869,000. Westfield Capital Management Co. LP purchased a new stake in shares of Cummins in the 4th quarter worth approximately $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. increased its position in Cummins by 643.0% during the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company's stock valued at $3,732,000 after buying an additional 6,327 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.
Cummins Price Performance
NYSE CMI opened at $593.12 on Friday. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The stock has a 50-day moving average of $662.30 and a 200 day moving average of $628.59. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a market capitalization of $81.65 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 1.45 and a beta of 1.24.
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 the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the company posted $6.43 EPS. Cummins's revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 30.06 EPS for the current 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 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 yield of 1.5%. Cummins's payout ratio is presently 40.88%.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on CMI shares. Argus lifted their price objective on Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Sanford C. Bernstein restated a "market perform" rating and set a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. UBS Group lowered their price target on Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Citigroup upped their price target 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. Finally, Truist Financial set a $894.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of "Moderate Buy" and an average target price of $745.64.
View Our Latest Analysis on Cummins
About Cummins
(
Free Report)
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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