4,534 Shares in Cummins Inc. $CMI Bought by Quantbot Technologies LP

Quantbot Technologies LP bought a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,534 shares of the company’s stock, valued at approximately $3,234,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Cummins during the 2nd quarter worth about $8,204,241,000. Northwestern Mutual Wealth Management Co. lifted its stake in Cummins by 10,317.7% during the fourth 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 last quarter. Norges Bank acquired a new position in Cummins in the fourth quarter valued at approximately $863,441,000. Bank of New York Mellon Corp purchased a new position in Cummins in the second quarter valued at approximately $973,198,000. Finally, Boston Partners acquired a new stake in Cummins during the third quarter worth approximately $473,471,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CMI shares. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Barclays raised their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. CICC Research assumed coverage on Cummins in a report on Sunday. They issued an “outperform” rating for the company. Morgan Stanley upped their target price on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Finally, Evercore reaffirmed an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $745.64.

Cummins Stock Up 0.0%

CMI opened at $587.87 on Monday. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The business has a 50 day moving average price of $660.86 and a two-hundred day moving average price of $628.55. 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 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 announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company 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 company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $6.43 earnings per share. As a group, research analysts anticipate that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.5%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is presently 44.97%.

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.