Commerce Bank Takes $14.48 Million Position in Cummins Inc. $CMI

Commerce Bank bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel reports. The fund bought 20,303 shares of the company’s stock, valued at approximately $14,480,000.

A number of other institutional investors have also made changes to their positions in CMI. BlackRock Inc. purchased a new stake in shares of Cummins in the 2nd quarter valued at approximately $8,204,241,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. Norges Bank acquired a new stake in Cummins in the 4th quarter valued at approximately $863,441,000. Bank of New York Mellon Corp acquired a new stake in Cummins in the 2nd quarter valued at approximately $973,198,000. Finally, Boston Partners purchased a new stake in Cummins in the third quarter valued at approximately $473,471,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of CMI opened at $587.87 on Friday. The company has a market cap of $80.93 billion, a P/E ratio of 30.04, a PEG ratio of 1.40 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week 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 firm’s 50 day moving average price is $660.86 and its 200 day moving average price is $628.31.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $6.43 EPS. On average, research analysts forecast 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 will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. Cummins’s payout ratio is 40.88%.

Analysts Set New Price Targets

A number of research analysts have commented on CMI shares. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Truist Financial set a $894.00 price objective on Cummins in a research note on Wednesday, August 5th. UBS Group cut their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Argus increased their target price on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Finally, JPMorgan Chase & Co. raised their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

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.