USA Financial Formulas Has $802,000 Position in Cummins Inc. $CMI

USA Financial Formulas lifted its holdings in Cummins Inc. (NYSE:CMI) by 282.3% during the first quarter, HoldingsChannel reports. The firm owned 1,491 shares of the company’s stock after purchasing an additional 1,101 shares during the period. USA Financial Formulas’ holdings in Cummins were worth $802,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of Cummins by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after acquiring an additional 98,544 shares during the period. State Street Corp increased its position in Cummins by 0.8% during the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after acquiring an additional 49,628 shares during the period. Geode Capital Management LLC raised its stake in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC raised its stake in Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research analyst reports. Evercore restated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Truist Financial set a $894.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Morgan Stanley increased their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Citigroup boosted their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Finally, Raymond James Financial raised their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $745.64.

Cummins Price Performance

Shares of CMI stock opened at $631.81 on Friday. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The firm’s 50 day moving average is $665.58 and its 200-day moving average is $627.15. The firm has a market capitalization of $86.98 billion, a price-to-earnings ratio of 32.28, a PEG ratio of 1.50 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.

Cummins (NYSE:CMI) last released its quarterly 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 company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period last year, the company earned $6.43 earnings per share. Cummins’s revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts forecast 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. Shareholders of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is 40.88%.

About Cummins

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.