Oppenheimer Asset Management Inc. Buys Shares of 4,394 Cummins Inc. $CMI

Oppenheimer Asset Management Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 4,394 shares of the company’s stock, valued at approximately $3,134,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMI. Vanguard Group Inc. lifted its holdings in 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 acquiring an additional 98,544 shares during the last quarter. State Street Corp increased its stake in Cummins by 0.8% during the fourth 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 during the last quarter. Geode Capital Management LLC raised its position in Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the period. Fisher Asset Management LLC raised its position in Cummins by 1.3% in the fourth 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. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $631.81 on Friday. The company has a market capitalization of $86.98 billion, a P/E ratio of 32.28, a PEG ratio of 1.50 and a beta of 1.24. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The business has a 50 day simple moving average of $665.58 and a 200-day simple moving average of $627.15. 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 (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the prior year, the business earned $6.43 EPS. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 30.15 EPS for the current 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 dividend of $2.20 per share. 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 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is 40.88%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Truist Financial set a $894.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Morgan Stanley boosted their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Raymond James Financial lifted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

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.