Czech National Bank Has $11.03 Million Holdings in Cummins Inc. $CMI

Key Points

• The Czech National Bank increased its holdings in Cummins Inc. by 6.6%, now owning 33,672 shares valued at approximately $11.03 million.
• Wall Street analysts are optimistic about Cummins, with multiple firms upgrading their ratings and price targets, resulting in a consensus rating of "Moderate Buy" and an average target price of $389.29.
• Cummins recently raised its quarterly dividend to $2.00, signaling a commitment to returning value to shareholders, despite a slight year-over-year revenue decline.

Czech National Bank boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 6.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,672 shares of the company's stock after acquiring an additional 2,095 shares during the period. Czech National Bank's holdings in Cummins were worth $11,028,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CMI. GAMMA Investing LLC raised its stake in Cummins by 38,220.5% in the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock valued at $373,428,000 after acquiring an additional 1,188,276 shares during the period. Raymond James Financial Inc. raised its stake in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after acquiring an additional 817,384 shares during the period. AQR Capital Management LLC raised its stake in Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock valued at $314,942,000 after acquiring an additional 424,294 shares during the period. Nuveen LLC bought a new stake in Cummins in the 1st quarter valued at $109,120,000. Finally, Vanguard Group Inc. raised its stake in Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the period. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CMI. Citigroup increased their price objective on Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Robert W. Baird increased their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Finally, Truist Financial increased their price objective on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $389.29.

Cummins Trading Up 0.4%

NYSE CMI opened at $415.85 on Wednesday. The company has a market cap of $57.30 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 2.00 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $416.92. The business has a 50 day moving average price of $381.61 and a 200-day moving average price of $337.94.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.26 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a $2.00 dividend. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's payout ratio is presently 37.61%.

Insiders Place Their Bets

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares in the company, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Robert Enright sold 1,860 shares of the business's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,039 shares of company stock valued at $10,385,075. 0.41% of the stock is currently owned by insiders.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

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