OMERS ADMINISTRATION Corp Invests $8.40 Million in Cummins Inc. $CMI

OMERS ADMINISTRATION Corp purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 11,784 shares of the company’s stock, valued at approximately $8,404,000.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on CMI. Wells Fargo & Company lifted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Truist Financial set a $894.00 price target on shares of Cummins in a research note on Wednesday, August 5th. CICC Research initiated coverage on Cummins in a report on Sunday. They issued an “outperform” rating for the company. Finally, JPMorgan Chase & Co. increased their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Twelve investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Price Performance

Shares of CMI opened at $571.58 on Tuesday. 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 company has a 50 day moving average price of $658.70 and a 200-day moving average price of $628.32. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The stock has a market capitalization of $78.68 billion, a PE ratio of 29.21, a PEG 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 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 the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $6.43 EPS. Equities analysts predict 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. Investors of record on Friday, August 21st will be paid a dividend of $2.20 per share. This is an increase from Cummins’s previous quarterly dividend of $2.00. 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%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

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.