2,691 Shares in Cummins Inc. $CMI Acquired by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI bought a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,691 shares of the company’s stock, valued at approximately $1,919,000.

Other large investors 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% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new position in Cummins in the fourth quarter valued at $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 3rd quarter worth about $473,471,000. Finally, SG Americas Securities LLC boosted its stake in Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after buying an additional 530,812 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CMI. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Truist Financial set a $894.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. UBS Group dropped their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Finally, Citigroup increased their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Up 1.8%

Shares of Cummins stock opened at $642.56 on Tuesday. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The stock has a market cap of $88.45 billion, a price-to-earnings ratio of 32.83, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. 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 company has a fifty day moving average price of $664.99 and a 200 day moving average price of $628.02.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $6.43 earnings per share. Equities research analysts forecast that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend 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%.

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.