Varma Mutual Pension Insurance Co Invests $23.77 Million in Cummins Inc. $CMI

Varma Mutual Pension Insurance Co purchased a new position in Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 33,330 shares of the company’s stock, valued at approximately $23,771,000.

Several other institutional investors also recently bought and sold shares of CMI. X Square Capital LLC purchased a new stake in Cummins during the 2nd quarter valued at about $1,004,000. Forum Private Client Group LLC purchased a new position in Cummins in the second quarter worth about $468,000. Westpac Banking Corp bought a new position in shares of Cummins in the second quarter worth approximately $70,000. TRB Wealth Management LLC bought a new position in shares of Cummins in the second quarter worth approximately $605,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in shares of Cummins during the second quarter valued at approximately $6,105,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CMI shares. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. Truist Financial set a $894.00 target price on Cummins in a report on Wednesday, August 5th. Weiss Ratings upgraded Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Finally, Barclays upped their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Trading Down 0.9%

NYSE:CMI opened at $587.87 on Friday. The company has a market cap of $80.93 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 1.40 and a beta of 1.24. 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 company has a 50 day simple moving average of $660.86 and a two-hundred day simple moving average of $628.31. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $6.43 earnings per share. Research analysts forecast 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. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is currently 40.88%.

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.