Raiffeisen Bank International AG Has $16.54 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Key Points

• Raiffeisen Bank International AG increased its holdings in Cummins Inc. by 9.4%, acquiring an additional 4,535 shares during the first quarter, bringing its total to 52,683 shares valued at $16,544,000.
• Wall Street analysts have mixed opinions on Cummins Inc., with recent price targets ranging from $308.00 to $451.00, reflecting an average target of $361.92 and an overall rating of "Hold".
• Cummins has announced a quarterly dividend increase to $2.00 per share, up from $1.82, which will be paid on September 4th, demonstrating its commitment to returning value to shareholders.

Raiffeisen Bank International AG grew its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 9.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,683 shares of the company's stock after acquiring an additional 4,535 shares during the period. Raiffeisen Bank International AG's holdings in Cummins were worth $16,544,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CMI. Brighton Jones LLC grew its holdings in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Cummins during the 4th quarter valued at $69,000. World Investment Advisors acquired a new stake in Cummins during the 4th quarter valued at $309,000. Resona Asset Management Co. Ltd. acquired a new position in Cummins during the 4th quarter worth $14,628,000. Finally, Oarsman Capital Inc. grew its holdings in Cummins by 12.8% during the 4th quarter. Oarsman Capital Inc. now owns 4,379 shares of the company's stock worth $1,527,000 after acquiring an additional 496 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone bought 1,000 shares of the company's stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the transaction, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. Citigroup reissued a "buy" rating and set a $360.00 price objective (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Morgan Stanley raised their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Truist Financial reduced their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Finally, Barclays raised their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $361.92.

Cummins Price Performance

Shares of CMI stock traded up $11.52 during midday trading on Tuesday, reaching $373.11. 896,488 shares of the company were exchanged, compared to its average volume of 875,551. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a market cap of $51.40 billion, a P/E ratio of 18.51, a PEG ratio of 1.98 and a beta of 1.02. The company's 50 day moving average price is $335.18 and its two-hundred day moving average price is $330.79. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping 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 net margin of 8.20% and a return on equity of 26.88%. The business's revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.26 EPS. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.1%. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is 36.22%.

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.