X Square Capital LLC Purchases New Shares in Cummins Inc. $CMI

X Square Capital LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,408 shares of the company’s stock, valued at approximately $1,004,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. BlackRock Inc. bought a new position in shares of Cummins in the 2nd quarter valued at about $8,204,241,000. Northwestern Mutual Wealth Management Co. increased its stake in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Norges Bank purchased a new stake in Cummins during the fourth quarter valued at approximately $863,441,000. Bank of New York Mellon Corp purchased a new stake in Cummins during the second quarter valued at approximately $973,198,000. Finally, Boston Partners bought a new stake in shares of Cummins in the 3rd quarter valued at approximately $473,471,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMI has been the subject of a number of recent research reports. Robert W. Baird set a $700.00 target price on Cummins in a report on Wednesday, May 6th. Truist Financial set a $894.00 price target on Cummins in a report on Wednesday, August 5th. Citigroup raised their price target on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Raymond James Financial lifted their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Finally, Argus boosted their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Down 0.9%

Shares of NYSE:CMI opened at $587.87 on Friday. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The business has a 50 day simple moving average of $660.86 and a two-hundred day simple moving average of $628.31. The firm has a market capitalization of $80.93 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. 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 company posted $6.43 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities analysts predict that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The firm 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 $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.5%. Cummins’s dividend payout ratio is currently 40.88%.

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.