Korea Investment CORP Purchases New Stake in Cummins Inc. $CMI

Korea Investment CORP acquired a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 130,133 shares of the company’s stock, valued at approximately $92,812,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. EP Wealth Advisors LLC acquired a new position in shares of Cummins in the 2nd quarter valued at about $12,707,000. Heartland Bank & Trust Co acquired a new stake in shares of Cummins during the second quarter worth approximately $634,000. Ieq Capital LLC purchased a new position in Cummins during the second quarter valued at approximately $45,314,000. Callan Family Office LLC purchased a new position in Cummins during the second quarter valued at approximately $3,707,000. Finally, Expressive Wealth LLC acquired a new position in Cummins in the 2nd quarter valued at approximately $438,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.9%

Cummins stock opened at $587.87 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The firm’s fifty day simple moving average is $660.86 and its 200-day simple moving average is $628.31. The company has a market capitalization of $80.93 billion, a P/E ratio of 30.04, a P/E/G ratio of 1.41 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate 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 quarter in the prior year, the company posted $6.43 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 40.88%.

Analysts Set New Price Targets

A number of research firms have issued reports on CMI. Wells Fargo & Company increased their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research note on Wednesday, August 5th. Morgan Stanley increased their price objective on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Raymond James Financial lifted 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. Finally, Barclays boosted their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price 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.