D.B. Root & Company LLC Takes $1.53 Million Position in Cummins Inc. $CMI

D.B. Root & Company LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 2,147 shares of the company’s stock, valued at approximately $1,531,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brighton Jones LLC raised its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the last quarter. Intech Investment Management LLC grew its holdings in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina increased its stake in shares of Cummins by 2.8% in 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 buying an additional 1,759 shares during the period. ICW Investment Advisors LLC acquired a new position in shares of Cummins in the second quarter valued at approximately $225,000. Finally, Osterweis Capital Management Inc. bought a new position in Cummins in the 2nd quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $587.87 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a fifty-two week low of $389.52 and a fifty-two week high of $737.76. The company has a 50 day simple moving average of $660.86 and a two-hundred day simple moving average of $628.55. The company has a market capitalization of $80.93 billion, a PE ratio of 30.04, a P/E/G ratio of 1.40 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the company posted $6.43 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced 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. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.5%. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Analysts Set New Price Targets

Several equities research analysts recently commented on CMI shares. Truist Financial set a $894.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Finally, UBS Group decreased their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Company 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.