Manning & Napier Advisors LLC Makes New $8.70 Million Investment in Cummins Inc. $CMI

Manning & Napier Advisors LLC purchased a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 12,194 shares of the company’s stock, valued at approximately $8,697,000.

A number of other large investors also recently modified their holdings of CMI. Activest Wealth Management lifted its holdings in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the period. Cedar Mountain Advisors LLC increased its stake in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares during the period. Persistent Asset Partners Ltd bought a new stake in shares of Cummins during the 2nd quarter worth about $26,000. Wellington Shields Capital Management LLC bought a new stake in Cummins during the fourth quarter worth approximately $27,000. Finally, Key Financial Inc boosted its stake in Cummins by 62.5% during the 1st 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. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 2.7%

Shares of Cummins stock opened at $571.58 on Tuesday. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The firm has a market capitalization of $78.68 billion, a PE ratio of 29.21, a price-to-earnings-growth ratio of 1.40 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. The stock’s fifty day moving average is $658.70 and its 200-day moving average is $628.32.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analyst estimates 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 quarter last year, the business earned $6.43 EPS. Equities analysts anticipate that Cummins Inc. will post 30.06 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 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio is 44.97%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CMI. JPMorgan Chase & Co. boosted their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. CICC Research began coverage on Cummins in a research note on Sunday. They set an “outperform” rating for the company. Truist Financial set a $894.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Barclays upped their price target on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Finally, Wells Fargo & Company raised their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

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.