Edmond DE Rothschild Holding S.A. Takes $1.06 Million Position in Cummins Inc. $CMI

Edmond DE Rothschild Holding S.A. purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, Holdings Channel reports. The fund purchased 1,488 shares of the company’s stock, valued at approximately $1,061,000.

A number of other large investors have also modified their holdings of the company. Juno Financial Group LLC bought a new stake in Cummins during the 4th quarter valued at $883,000. Truist Financial Corp grew its stake in shares of Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after purchasing an additional 2,951 shares in the last quarter. Kepler Cheuvreux Suisse SA bought a new position in shares of Cummins in the fourth quarter worth $7,869,000. Westfield Capital Management Co. LP acquired a new position in shares of Cummins during the fourth quarter valued at $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. raised its stake in shares of Cummins by 643.0% during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock valued at $3,732,000 after purchasing an additional 6,327 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Truist Financial set a $894.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Raymond James Financial boosted their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Finally, Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Trading Down 2.5%

Shares of Cummins stock opened at $593.12 on Friday. The business has a fifty day simple moving average of $662.30 and a 200-day simple moving average of $628.59. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The firm has a market cap of $81.65 billion, a price-to-earnings ratio of 30.31, a price-to-earnings-growth ratio of 1.45 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released 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 return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period in the previous year, the firm earned $6.43 earnings per share. Cummins’s revenue was up 9.4% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 40.88%.

Cummins Company 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.