Johnson Financial Group Inc. Purchases New Shares in Cummins Inc. $CMI

Johnson Financial Group Inc. bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,083 shares of the company’s stock, valued at approximately $772,000.

A number of other institutional investors also recently bought and sold shares of CMI. Brighton Jones LLC grew its holdings in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the period. Intech Investment Management LLC lifted its stake in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares during the period. Treasurer of the State of North Carolina boosted its position in shares of Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after purchasing an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC bought a new stake in shares of Cummins during the second quarter valued at approximately $225,000. Finally, Osterweis Capital Management Inc. purchased a new stake in Cummins in the second quarter worth $31,000. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on CMI. Raymond James Financial raised their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Argus increased their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Evercore reissued an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. UBS Group dropped their price objective on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Finally, Barclays upped their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Trading Down 2.2%

NYSE CMI opened at $607.02 on Thursday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. 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 stock’s fifty day moving average price is $663.55 and its 200-day moving average price is $628.49. The stock has a market cap of $83.56 billion, a P/E ratio of 31.02, a P/E/G ratio of 1.48 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate 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 return on equity of 25.29% and a net margin of 7.82%.Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.43 EPS. As a group, equities analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.4%. 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 dividend payout ratio is presently 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.