Deutsche Bank AG Buys Shares of 522,711 Cummins Inc. $CMI

Deutsche Bank AG purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 522,711 shares of the company’s stock, valued at approximately $372,803,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC raised its holdings in Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after buying an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after buying an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC acquired a new stake in shares of Cummins in the second quarter worth about $225,000. Finally, Osterweis Capital Management Inc. bought a new stake in shares of Cummins during the 2nd quarter worth about $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CMI. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Argus increased their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Trading Up 1.8%

Cummins stock opened at $642.56 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The business’s 50-day simple moving average is $664.99 and its 200-day simple moving average is $628.02. The firm has a market capitalization of $88.45 billion, a PE ratio of 32.83, a PEG ratio of 1.50 and a beta of 1.24. Cummins Inc. has a 52 week low of $389.52 and a 52 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 for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.43 EPS. Equities research analysts forecast that Cummins Inc. will post 30.15 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. 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.