BlackRock Inc. bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 11,503,261 shares of the company's stock, valued at approximately $8,204,241,000. BlackRock Inc. owned 8.36% of Cummins at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Valmark Advisers Inc. grew its holdings in Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company's stock valued at $472,000 after buying an additional 16 shares in the last quarter. Guardian Partners Inc. lifted its holdings in shares of Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company's stock worth $852,000 after buying an additional 16 shares in the last quarter. Nicolet Advisory Services LLC lifted its holdings in shares of Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company's stock worth $619,000 after buying an additional 17 shares in the last quarter. Uhlmann Price Securities LLC boosted its position in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company's stock valued at $386,000 after acquiring an additional 17 shares during the period. Finally, ICW Investment Advisors LLC boosted its position in shares of Cummins by 2.6% in the fourth quarter. ICW Investment Advisors LLC now owns 723 shares of the company's stock valued at $369,000 after acquiring an additional 18 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the stock. Zacks Research lowered shares of Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Truist Financial set a $894.00 price target on shares of Cummins in a report on Wednesday, August 5th. Morgan Stanley boosted their price target on shares of Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a research report on Friday, July 17th. Evercore reaffirmed an "outperform" rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Finally, JPMorgan Chase & Co. increased their price objective on Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Cummins has a consensus rating of "Moderate Buy" and an average price target of $745.64.
Get Our Latest Report on Cummins
Cummins Stock Up 1.8%
Shares of NYSE CMI opened at $642.56 on Tuesday. Cummins Inc. has a one year low of $389.52 and a one 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 firm's 50 day simple moving average is $664.99 and its two-hundred day simple moving average is $628.02. The stock has a market capitalization of $88.45 billion, a P/E ratio of 32.83, a PEG ratio of 1.50 and a beta of 1.24.
Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS 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 business had revenue of $9.46 billion for the quarter, compared to analysts' expectations of $9.33 billion. During the same period last year, the business posted $6.43 earnings per share. The company's revenue was up 9.4% compared to the same quarter last year. As a group, analysts expect that Cummins Inc. will post 30.15 EPS for the current fiscal year.
Cummins Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. This is a boost from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins's payout ratio is presently 40.88%.
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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