Czech National Bank Has $28.01 Million Position in Cummins Inc. $CMI

Czech National Bank raised its stake in Cummins Inc. (NYSE:CMI) by 4.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 39,277 shares of the company’s stock after buying an additional 1,648 shares during the period. Czech National Bank’s holdings in Cummins were worth $28,013,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. PensionDanmark Pensionsforsikringsaktieselskab boosted its stake in shares of Cummins by 8.6% during the second quarter. PensionDanmark Pensionsforsikringsaktieselskab now owns 34,062 shares of the company’s stock valued at $24,293,000 after purchasing an additional 2,700 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in Cummins by 243.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 42,407 shares of the company’s stock worth $30,245,000 after buying an additional 30,074 shares during the period. Apella Capital LLC grew its holdings in Cummins by 2.6% during the 2nd quarter. Apella Capital LLC now owns 1,426 shares of the company’s stock worth $941,000 after acquiring an additional 36 shares during the last quarter. 55 North Private Wealth LLC increased its position in Cummins by 22.6% in the 2nd quarter. 55 North Private Wealth LLC now owns 505 shares of the company’s stock valued at $360,000 after acquiring an additional 93 shares during the period. Finally, 180 Wealth Advisors LLC acquired a new position in Cummins in the 2nd quarter valued at approximately $227,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $644.21 on Friday. The company has a market capitalization of $88.68 billion, a PE ratio of 32.92, a P/E/G ratio of 1.57 and a beta of 1.24. The company has a quick ratio of 1.11, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $383.90 and a twelve month high of $737.76. The firm has a fifty day simple moving average of $668.83 and a 200 day simple moving average of $625.16.

Cummins (NYSE:CMI) last issued its quarterly 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 net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period last year, the company posted $6.43 EPS. The business’s revenue was up 9.4% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 29.42 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend 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 dividend payout ratio is currently 41.52%.

Analyst Upgrades and Downgrades

CMI has been the topic of several analyst reports. 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. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Monday. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research report on Wednesday. Truist Financial set a $894.00 price objective on Cummins in a research report on Wednesday. Finally, Evercore reaffirmed an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Insider Buying and Selling at Cummins

In other Cummins news, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,690 shares of company stock valued at $5,360,654 over the last ninety days. 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.