Heartland Bank & Trust Co Makes New Investment in Cummins Inc. $CMI

Heartland Bank & Trust Co purchased a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, HoldingsChannel reports. The institutional investor purchased 889 shares of the company’s stock, valued at approximately $634,000.

Several other institutional investors also recently modified their holdings of the company. Ieq Capital LLC bought a new stake in shares of Cummins in the 2nd quarter valued at about $45,314,000. Callan Family Office LLC bought a new position in Cummins during the second quarter worth about $3,707,000. Expressive Wealth LLC acquired a new position in Cummins during the second quarter worth approximately $438,000. Laidlaw Wealth Management LLC bought a new stake in Cummins in the second quarter valued at approximately $376,000. Finally, Keebeck Wealth Management acquired a new stake in shares of Cummins in the second quarter valued at approximately $853,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

Cummins stock opened at $587.87 on Friday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The stock’s 50 day moving average is $660.86 and its 200-day moving average is $628.31. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $80.93 billion, a price-to-earnings ratio of 30.04, a PEG ratio of 1.41 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 analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for 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%.Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $6.43 EPS. Equities research analysts expect 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 given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.5%. 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 (DPR) is 40.88%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CMI. Wells Fargo & Company lifted their target price on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Argus raised their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Barclays lifted their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday. Finally, Raymond James Financial increased their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus 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.