Flputnam Investment Management Co. Buys New Shares in Cummins Inc. $CMI

Flputnam Investment Management Co. bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,036 shares of the company's stock, valued at approximately $7,871,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new stake in shares of Cummins in the fourth quarter worth approximately $863,441,000. Bank of New York Mellon Corp acquired a new stake in shares of Cummins in the second quarter worth approximately $973,198,000. Boston Partners purchased a new stake in Cummins in the third quarter valued at approximately $473,471,000. Finally, SG Americas Securities LLC increased its position in Cummins by 257.9% during the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company's stock worth $396,343,000 after purchasing an additional 530,812 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Wells Fargo & Company increased their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 17th. UBS Group lowered their price objective on shares of Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a research note on Wednesday, August 5th. Argus upped their price objective on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday, August 5th. Finally, Raymond James Financial lifted their target price on Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a report on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $745.64.

Cummins Stock Up 0.1%

Shares of NYSE CMI opened at $631.81 on Monday. The stock has a fifty day moving average price of $665.58 and a 200 day moving average price of $627.56. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The company has a market cap of $86.98 billion, a P/E ratio of 32.28, a P/E/G ratio of 1.50 and a beta of 1.24.

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). 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 analysts' expectations of $9.33 billion. During the same quarter in the prior year, the company earned $6.43 EPS. The firm's revenue was up 9.4% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 30.15 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. Cummins's dividend payout ratio is presently 40.88%.

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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