Cummins Inc. $CMI Position Increased by Amundi

Key Points

• Amundi increased its Cummins position by 19.7% in the second quarter, adding 147,093 shares for a total holding valued at approximately $637.4 million. Institutional investors and hedge funds collectively own 83.46% of CMI.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and four Holds, producing a consensus rating of “Moderate Buy” and an average price target of $764.54.
• 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 also raised its quarterly dividend from $2.00 to $2.20, implying an annualized yield of about 1.6%.

Amundi grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 19.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 893,772 shares of the company's stock after purchasing an additional 147,093 shares during the period. Amundi owned 0.65% of Cummins worth $637,446,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Wellington Grp LLC increased its stake in shares of Cummins by 2.3% in the second quarter. Wellington Grp LLC now owns 4,481 shares of the company's stock valued at $3,196,000 after purchasing an additional 99 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Cummins during the second quarter worth approximately $1,541,000. California State Teachers Retirement System grew its holdings in Cummins by 71,801.8% in the 2nd quarter. California State Teachers Retirement System now owns 148,240,699 shares of the company's stock worth $105,726,749,000 after buying an additional 148,034,528 shares in the last quarter. Ameritas Advisory Services LLC increased its position in Cummins by 19.4% in the 2nd quarter. Ameritas Advisory Services LLC now owns 4,573 shares of the company's stock valued at $3,262,000 after acquiring an additional 742 shares during the period. Finally, Guardian Wealth Advisors LLC NC bought a new stake in Cummins during the 2nd quarter valued at $218,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on CMI. Evercore reaffirmed an "outperform" rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Weiss Ratings lowered Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, August 31st. Wells Fargo & Company lifted their price target on Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research report on Wednesday, June 17th. Sanford C. Bernstein reissued a "market perform" rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Finally, Truist Financial set a $894.00 target price on Cummins in a research note on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $764.54.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the business's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.30% of the stock is currently owned by company insiders.

Cummins Trading Up 0.1%

Shares of NYSE CMI opened at $561.44 on Monday. Cummins Inc. has a 12 month low of $390.11 and a 12 month high of $737.76. The company has a market cap of $77.29 billion, a price-to-earnings ratio of 28.69, a P/E/G ratio of 1.52 and a beta of 1.23. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $632.30 and a 200-day simple moving average of $626.67.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the business earned $6.43 EPS. Sell-side analysts predict that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were issued a $2.20 dividend. The ex-dividend date was Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. Cummins's dividend payout ratio is 44.97%.

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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