Summit Global Investments Makes New Investment in Cummins Inc. $CMI

Key Points

• Summit Global Investments purchased 4,102 Cummins shares during the second quarter, valued at approximately $2.93 million. Institutional investors and hedge funds collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but earnings per share of $6.73 missed consensus by $0.48.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of $745.64.

Summit Global Investments purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,102 shares of the company's stock, valued at approximately $2,926,000.

Other hedge funds have also recently modified their holdings of the company. Activest Wealth Management grew its position 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 purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC raised its holdings in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after buying an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins during the fourth quarter worth $27,000. Key Financial Inc lifted its stake in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after buying an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. purchased a new stake in shares of Cummins during the fourth quarter valued at $28,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Up 0.0%

NYSE:CMI opened at $631.81 on Friday. 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 company's fifty day moving average price is $665.58 and its 200-day moving average price is $627.15. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. 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.

Cummins (NYSE:CMI - Get Free Report) last posted its 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). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the firm earned $6.43 earnings per share. The company's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date 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 recently issued reports on the company. Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday, August 5th. Raymond James Financial lifted their price target on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 26th. Evercore reiterated an "outperform" rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. UBS Group cut their price objective on Cummins from $850.00 to $835.00 and set a "buy" rating on the stock in a report on Wednesday, August 5th. Finally, Wells Fargo & Company raised their price objective on Cummins from $794.00 to $874.00 and gave the stock an "overweight" rating in a research note on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Cummins currently has an average rating of "Moderate Buy" and an average price target of $745.64.

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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