Dearborn Partners LLC Takes $699,000 Position in Cummins Inc. $CMI

Dearborn Partners LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 1,299 shares of the company’s stock, valued at approximately $699,000.

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

Cummins Trading Down 2.7%

Shares of CMI stock opened at $571.58 on Tuesday. The business’s fifty day moving average price is $658.70 and its 200 day moving average price is $628.32. 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 company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

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). The business 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%. Cummins’s revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business posted $6.43 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal 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 paid a $2.20 dividend. This represents a $8.80 annualized dividend 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 44.97%.

Wall Street Analyst Weigh In

CMI has been the subject of several research reports. UBS Group reduced their price target on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research report on Wednesday, August 5th. Evercore reissued an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. Finally, JPMorgan Chase & Co. increased their target price 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. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $745.64.

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.