Citizens Financial Group Inc. RI Makes New $27.37 Million Investment in Cummins Inc. $CMI

Citizens Financial Group Inc. RI bought a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 38,369 shares of the company’s stock, valued at approximately $27,366,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after purchasing an additional 98,544 shares in the last quarter. BlackRock Inc. acquired a new position in Cummins during the second quarter valued at $8,204,241,000. State Street Corp lifted its stake in Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after acquiring an additional 49,628 shares in the last quarter. Geode Capital Management LLC boosted its position in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after acquiring an additional 35,286 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in shares of Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after purchasing an additional 43,722 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Morgan Stanley increased their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. UBS Group dropped their target price on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Truist Financial set a $894.00 price target on Cummins in a report on Wednesday, August 5th. Argus boosted 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. Finally, Wells Fargo & Company increased their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $745.64.

Cummins Stock Up 1.8%

CMI opened at $642.56 on Tuesday. The firm has a market cap of $88.45 billion, a P/E ratio of 32.83, a price-to-earnings-growth ratio of 1.50 and a beta of 1.24. 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 business has a 50 day moving average price of $664.99 and a 200 day moving average price of $628.02. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly 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 net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter last year, the business earned $6.43 EPS. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 30.15 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 40.88%.

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.