The Manufacturers Life Insurance Company Makes New Investment in Cummins Inc. $CMI

The Manufacturers Life Insurance Company acquired a new position in Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel.com reports. The firm acquired 158,511 shares of the company’s stock, valued at approximately $113,045,000.

Several other institutional investors have also recently modified their holdings of CMI. Persistent Asset Partners Ltd purchased a new stake in Cummins in the second quarter worth approximately $26,000. Elevation Wealth Partners LLC raised its stake in shares of Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC raised its stake in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Activest Wealth Management boosted its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Finally, Wellington Shields Capital Management LLC bought a new position in shares of Cummins during the 4th quarter valued at $27,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

CMI stock opened at $573.19 on Wednesday. The stock has a market capitalization of $78.91 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 1.36 and a beta of 1.24. The firm’s 50-day moving average price is $656.14 and its two-hundred day moving average price is $628.10. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last posted 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 analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $6.43 earnings per share. As a group, equities analysts predict that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

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

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of analyst reports. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Morgan Stanley raised their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Weiss Ratings upgraded Cummins from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 17th. Truist Financial set a $894.00 target price on Cummins in a research note on Wednesday, August 5th. Finally, Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

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.