Czech National Bank Purchases 1,648 Shares of Cummins Inc. $CMI

Czech National Bank raised its position in Cummins Inc. (NYSE:CMI) by 4.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,277 shares of the company’s stock after acquiring an additional 1,648 shares during the quarter. Czech National Bank’s holdings in Cummins were worth $28,013,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its position in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new position in shares of Cummins during the 4th quarter worth approximately $863,441,000. Boston Partners bought a new stake in Cummins in the 3rd quarter valued at $473,471,000. SG Americas Securities LLC raised its stake in Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock valued at $396,343,000 after acquiring an additional 530,812 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Cummins by 245.1% during the 4th quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock valued at $277,071,000 after purchasing an additional 385,525 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In related news, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president owned 11,679 shares in the company, valued at approximately $8,177,519.01. This trade represents a 5.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 7,690 shares of company stock worth $5,360,654 in the last quarter. 0.30% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

NYSE CMI opened at $644.21 on Friday. The firm has a 50-day moving average price of $668.83 and a two-hundred day moving average price of $625.16. Cummins Inc. has a 12-month low of $383.90 and a 12-month high of $737.76. The company has a market capitalization of $88.68 billion, a P/E ratio of 32.92, a P/E/G ratio of 1.57 and a beta of 1.24. The company has a quick ratio of 1.11, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the business posted $6.43 earnings per share. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 29.42 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is currently 41.52%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a report on Wednesday. UBS Group reduced their target price on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Finally, Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target 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.