Haverford Trust Co Acquires Shares of 1,984 Cummins Inc. $CMI

Key Points

• Haverford Trust Co. initiated a position in Cummins by purchasing 1,984 shares valued at approximately $1.4 million. Institutional investors and hedge funds collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with 11 Buy ratings and four Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $745.64.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, although earnings per share of $6.73 missed estimates. The company also raised its quarterly dividend to $2.20, implying an annualized yield of about 1.5%.

Haverford Trust Co bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,984 shares of the company's stock, valued at approximately $1,415,000.

A number of other large investors have also recently modified their holdings of the business. Truist Financial Corp grew its stake in shares of Cummins by 4.8% during the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company's stock worth $32,671,000 after buying an additional 2,951 shares during the last quarter. Kepler Cheuvreux Suisse SA bought a new position in shares of Cummins during the fourth quarter worth about $7,869,000. Westfield Capital Management Co. LP bought a new position in Cummins during the 4th quarter worth approximately $7,797,000. Comprehensive Financial Consultants Institutional Inc. raised its holdings in Cummins by 643.0% during the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company's stock worth $3,732,000 after purchasing an additional 6,327 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of Cummins by 26.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 113,648 shares of the company's stock worth $58,012,000 after purchasing an additional 24,080 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CMI shares. Truist Financial set a $894.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Citigroup increased their price target on Cummins from $770.00 to $790.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. UBS Group cut their price objective on shares of Cummins from $850.00 to $835.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Evercore reissued an "outperform" rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Finally, Morgan Stanley lifted their price target on Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a research note on Friday, July 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Cummins presently has a consensus rating of "Moderate Buy" and a consensus price target of $745.64.

Cummins Price Performance

Cummins stock opened at $587.87 on Friday. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The company's 50 day moving average price is $660.86 and its two-hundred day moving average price is $628.31. 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 stock has a market cap of $80.93 billion, a P/E ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last announced its 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 business had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $6.43 EPS. On average, equities analysts predict that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a $2.20 dividend. This is an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. Cummins's 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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