Mediolanum International Funds Ltd Invests $2.04 Million in Cummins Inc. $CMI

Mediolanum International Funds Ltd purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,982 shares of the company’s stock, valued at approximately $2,038,000.

Several other large investors also recently bought and sold shares of the business. Cedar Mountain Advisors LLC lifted its stake in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares in the last quarter. Thompson Investment Management Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at approximately $26,000. Activest Wealth Management grew its position in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $27,000. Finally, Key Financial Inc increased its holdings in shares of Cummins by 62.5% in 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 last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CMI shares. Truist Financial boosted their price objective on Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Evercore reaffirmed an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Argus lifted their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Robert W. Baird set a $700.00 price target on shares of Cummins in a research report on Wednesday, May 6th. Finally, Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Price Performance

CMI stock opened at $659.94 on Wednesday. The business has a fifty day moving average of $674.90 and a two-hundred day moving average of $616.91. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock has a market cap of $91.07 billion, a price-to-earnings ratio of 34.25, a price-to-earnings-growth ratio of 1.56 and a beta of 1.22. Cummins Inc. has a 52-week low of $344.02 and a 52-week high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the previous year, the business earned $5.96 earnings per share. The company’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 29.39 earnings per share for the current year.

Cummins Increases Dividend

The business 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 is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.3%. Cummins’s payout ratio is presently 41.52%.

Insider Buying and Selling

In other Cummins news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last three months. Company insiders own 0.30% of the company’s stock.

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.