Meeder Asset Management Inc. Buys Shares of 12,887 Cummins Inc. $CMI

Meeder Asset Management Inc. bought a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,887 shares of the company’s stock, valued at approximately $9,191,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Persistent Asset Partners Ltd bought a new position in Cummins in the second quarter valued at approximately $26,000. Elevation Wealth Partners LLC raised its position in Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC lifted its stake in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Activest Wealth Management lifted its stake in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Finally, Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the 4th quarter valued at $27,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.8%

Shares of CMI stock opened at $642.56 on Tuesday. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The stock’s fifty day simple moving average is $664.99 and its 200 day simple moving average is $628.02. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $88.45 billion, a P/E ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate 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 quarter in the prior year, the business posted $6.43 earnings per share. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 30.15 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. This is an increase 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 payout ratio is currently 40.88%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CMI shares. Truist Financial set a $894.00 price target on Cummins in a research note on Wednesday, August 5th. Morgan Stanley upped their price objective on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. UBS Group reduced their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Citigroup lifted their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price 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.