Global Retirement Partners LLC Makes New $3.32 Million Investment in Cummins Inc. $CMI

Global Retirement Partners LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,653 shares of the company's stock, valued at approximately $3,319,000.

Several other hedge funds also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cummins by 10,317.7% in the fourth 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 in the last quarter. Norges Bank purchased a new position in Cummins during the fourth quarter worth about $863,441,000. Bank of New York Mellon Corp purchased a new position in Cummins during the second quarter worth about $973,198,000. Boston Partners acquired a new stake in Cummins in the third quarter valued at about $473,471,000. Finally, SG Americas Securities LLC lifted its position in Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company's stock valued at $396,343,000 after purchasing an additional 530,812 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Up 0.1%

Shares of CMI opened at $631.81 on Monday. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $86.98 billion, a P/E ratio of 32.28, a PEG ratio of 1.50 and a beta of 1.24. The firm's 50-day moving average is $665.58 and its two-hundred day moving average is $627.56.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion for 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%. Cummins's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.43 earnings per share. On average, research analysts predict that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio (DPR) is 40.88%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. UBS Group reduced their price target on Cummins from $850.00 to $835.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Truist Financial set a $894.00 price objective on Cummins in a research report on Wednesday, August 5th. Finally, Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Cummins presently has an average rating of "Moderate Buy" and a consensus target price of $745.64.

Cummins Company Profile

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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