Cibc World Market Inc. Purchases Shares of 23,018 Cummins Inc. $CMI

Cibc World Market Inc. purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 23,018 shares of the company’s stock, valued at approximately $16,417,000.

Several other hedge funds have also recently modified their holdings of the stock. Activest Wealth Management boosted its stake in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC increased its stake in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Persistent Asset Partners Ltd purchased a new position in shares of Cummins in the second quarter worth $26,000. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins in the fourth quarter worth $27,000. Finally, Key Financial Inc lifted its stake in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 2.7%

CMI stock opened at $571.58 on Tuesday. The company has a market capitalization of $78.68 billion, a P/E ratio of 29.21, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The firm’s fifty day simple moving average is $658.70 and its 200-day simple moving average is $628.32. 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 issued its 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 business had revenue of $9.46 billion for 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%.The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the business earned $6.43 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is 44.97%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CMI. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Morgan Stanley raised their target price on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Argus lifted their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. UBS Group dropped their price target on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Twelve investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average 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.