Summit Global Investments Invests $2.93 Million in Cummins Inc. $CMI

Summit Global Investments bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel.com reports. The fund bought 4,102 shares of the company’s stock, valued at approximately $2,926,000.

Other large investors have also recently made changes to their positions in the company. Activest Wealth Management boosted its holdings in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC increased its holdings in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC purchased a new position in Cummins in the fourth quarter valued at $27,000. Key Financial Inc raised its position in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. acquired a new position in shares of Cummins in the fourth quarter worth about $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently commented on CMI. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Monday, August 3rd. Truist Financial set a $894.00 price target on Cummins in a research report on Wednesday, August 5th. Morgan Stanley raised their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Finally, Wells Fargo & Company boosted their price objective on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

CMI opened at $631.81 on Friday. The firm’s fifty day simple moving average is $665.58 and its two-hundred day simple moving average is $627.15. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The company has a market cap of $86.98 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 1.50 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.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the prior year, the firm earned $6.43 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. Equities analysts anticipate that Cummins Inc. will post 30.15 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 40.88%.

About Cummins

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.