Raiffeisen Bank International AG Buys New Shares in Cummins Inc. (NYSE:CMI)

Raiffeisen Bank International AG purchased a new position in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 48,148 shares of the company’s stock, valued at approximately $16,775,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department purchased a new position in shares of Cummins during the 4th quarter valued at $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins in the fourth quarter worth $27,000. Meeder Asset Management Inc. boosted its position in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new position in Cummins in the fourth quarter valued at about $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on CMI shares. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Citigroup increased their price target on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and decreased their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. Barclays raised their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Finally, Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $354.83.

Cummins Price Performance

NYSE:CMI opened at $333.47 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90. The company has a fifty day moving average price of $303.97 and a 200 day moving average price of $341.37. The stock has a market cap of $45.94 billion, a P/E ratio of 11.84, a PEG ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the company earned $5.08 earnings per share. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. Cummins’s dividend payout ratio (DPR) is currently 36.22%.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.