Meeder Asset Management Inc. Buys Shares of 12,887 Cummins Inc. $CMI

Key Points

• Meeder Asset Management acquired 12,887 shares of Cummins during the second quarter, valued at approximately $9.2 million. Institutional investors collectively own 83.46% of the company.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and a consensus price target of $745.64, despite some recent target reductions and a ratings downgrade from Zacks Research.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year, but earnings of $6.73 per share fell short of estimates. The company also raised its quarterly dividend to $2.20 per share, representing a 1.4% yield.

Meeder Asset Management Inc. acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 12,887 shares of the company's stock, valued at approximately $9,191,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Activest Wealth Management boosted its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after acquiring an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC boosted its stake in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after purchasing an additional 45 shares during the period. Persistent Asset Partners Ltd acquired a new position in shares of Cummins during the second quarter worth about $26,000. Wellington Shields Capital Management LLC acquired a new position in Cummins during the 4th quarter worth approximately $27,000. Finally, Key Financial Inc grew its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

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Analysts Set New Price Targets

Several research firms recently weighed in on CMI. Evercore reissued an "outperform" rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Zacks Research cut Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Weiss Ratings reissued a "buy (b-)" rating on shares of Cummins in a research report on Monday, August 3rd. UBS Group decreased their price target on shares of Cummins from $850.00 to $835.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Finally, Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $745.64.

Cummins Trading Up 1.8%

Shares of NYSE:CMI opened at $642.56 on Tuesday. The company has a market capitalization of $88.45 billion, a P/E ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The business's 50 day simple moving average is $664.99 and its 200 day simple moving average is $628.02.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 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 the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.Cummins's revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business earned $6.43 EPS. On average, research analysts anticipate that Cummins Inc. will post 30.15 EPS for the current fiscal year.

Cummins Increases Dividend

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

Cummins 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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