1,408 Shares in Cummins Inc. $CMI Purchased by X Square Capital LLC

X Square Capital LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel reports. The firm acquired 1,408 shares of the company’s stock, valued at approximately $1,004,000.

Several other large investors also recently added to or reduced their stakes in CMI. Forum Private Client Group LLC bought a new position in Cummins in the 2nd quarter worth about $468,000. Westpac Banking Corp purchased a new position in shares of Cummins during the second quarter worth approximately $70,000. TRB Wealth Management LLC bought a new stake in shares of Cummins during the second quarter valued at approximately $605,000. Landscape Capital Management L.L.C. bought a new stake in shares of Cummins during the second quarter valued at approximately $6,105,000. Finally, Korea Investment CORP purchased a new stake in shares of Cummins in the second quarter valued at approximately $92,812,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE CMI opened at $587.87 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The firm’s 50 day moving average price is $660.86 and its 200-day moving average price is $628.31. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The company has a market cap of $80.93 billion, a PE ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for 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% compared to the same quarter last year. During the same period in the previous year, the business earned $6.43 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is 40.88%.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMI. Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday, August 5th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. JPMorgan Chase & Co. increased their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Finally, Argus raised their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

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.