Raiffeisen Bank International AG Raises Stock Holdings in Cummins Inc. $CMI

Raiffeisen Bank International AG raised its position in shares of Cummins Inc. (NYSE:CMI) by 55.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,817 shares of the company’s stock after purchasing an additional 16,623 shares during the quarter. Raiffeisen Bank International AG’s holdings in Cummins were worth $32,355,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of CMI. Persistent Asset Partners Ltd acquired a new stake in Cummins during the 2nd quarter valued at approximately $26,000. Elevation Wealth Partners LLC increased its stake in shares of Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares during the period. Cedar Mountain Advisors LLC raised its holdings in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new position in Cummins during the fourth quarter valued at $27,000. Finally, Key Financial Inc lifted its position in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of Cummins stock opened at $545.50 on Friday. The firm has a market cap of $75.09 billion, a PE ratio of 27.87, a P/E/G ratio of 1.49 and a beta of 1.23. Cummins Inc. has a twelve month low of $390.11 and a twelve month high of $737.76. 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 business has a 50-day moving average price of $634.80 and a 200 day moving average price of $626.95.

Cummins (NYSE:CMI) last issued its quarterly 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). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.43 EPS. Sell-side analysts predict that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were issued a dividend of $2.20 per share. The ex-dividend date of this dividend was 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 yield of 1.6%. Cummins’s payout ratio is 44.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CMI shares. Citigroup increased 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. Argus boosted their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Morgan Stanley raised their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Truist Financial set a $894.00 price target on Cummins in a research report on Wednesday, August 5th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $764.54.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is currently owned by company insiders.

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.