9,742 Shares in Cummins Inc. $CMI Bought by SGL Investment Advisors Inc.

SGL Investment Advisors Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,742 shares of the company’s stock, valued at approximately $6,184,000. Cummins comprises approximately 2.1% of SGL Investment Advisors Inc.’s investment portfolio, making the stock its 14th biggest position.

A number of other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Cummins in the second quarter worth about $8,204,241,000. Northwestern Mutual Wealth Management Co. lifted its holdings in 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 acquiring an additional 2,434,876 shares during the period. Norges Bank purchased a new stake in Cummins in the 4th quarter worth approximately $863,441,000. Bank of New York Mellon Corp acquired a new stake in shares of Cummins during the 2nd quarter worth approximately $973,198,000. Finally, Boston Partners purchased a new position in shares of Cummins during the 3rd quarter valued at approximately $473,471,000. 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 several analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Weiss Ratings upgraded shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Truist Financial set a $894.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Citigroup upped their price target on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Down 2.5%

CMI stock opened at $593.12 on Friday. The stock has a market capitalization of $81.65 billion, a P/E ratio of 30.31, a P/E/G ratio of 1.45 and a beta of 1.24. The firm has a 50-day simple moving average of $662.30 and a 200-day simple moving average of $628.59. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly 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 company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business posted $6.43 earnings per share. Equities analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is 40.88%.

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.