Great Lakes Advisors LLC Buys New Shares in Cummins Inc. $CMI

Great Lakes Advisors LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 46,191 shares of the company’s stock, valued at approximately $32,944,000.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Cummins in the 2nd quarter valued at approximately $8,204,241,000. State Street Corp grew its stake in shares of Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after buying an additional 49,628 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after buying an additional 43,722 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on CMI. Morgan Stanley increased their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. UBS Group reduced their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Finally, Citigroup boosted their price target on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Down 3.2%

CMI stock opened at $620.43 on Wednesday. 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 stock has a market capitalization of $85.41 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 1.50 and a beta of 1.24. The business’s fifty day moving average price is $664.02 and its two-hundred day moving average price is $628.32. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last announced 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 during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the firm posted $6.43 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed 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 of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 40.88%.

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.