Cibc World Market Inc. Makes New Investment in Cummins Inc. $CMI

Cibc World Market Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel reports. The institutional investor acquired 23,018 shares of the company’s stock, valued at approximately $16,417,000.

Several other large investors have also recently made changes to their positions in the company. Truist Financial Corp grew its holdings in Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after purchasing an additional 2,951 shares during the period. Kepler Cheuvreux Suisse SA purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $7,869,000. Westfield Capital Management Co. LP acquired a new position in shares of Cummins during the 4th quarter worth approximately $7,797,000. Comprehensive Financial Consultants Institutional Inc. raised its stake in shares of Cummins by 643.0% during the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock worth $3,732,000 after buying an additional 6,327 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of Cummins by 26.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 113,648 shares of the company’s stock valued at $58,012,000 after buying an additional 24,080 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on CMI. Argus lifted their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Raymond James Financial upped their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wells Fargo & Company lifted their target price on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Finally, Citigroup boosted their target price on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Performance

Shares of NYSE:CMI opened at $571.58 on Tuesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The firm has a market capitalization of $78.68 billion, a PE ratio of 29.21, a P/E/G ratio of 1.40 and a beta of 1.24. The business’s 50 day moving average price is $658.70 and its 200-day moving average price is $628.32.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company posted $6.43 earnings per share. As a group, equities research analysts expect that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

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.