MidFirst Bank Purchases Shares of 2,114 Cummins Inc. $CMI

MidFirst Bank acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 2,114 shares of the company’s stock, valued at approximately $1,508,000.

Several other large investors have also made changes to their positions in the company. Valmark Advisers Inc. boosted its holdings in Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after acquiring an additional 16 shares during the last quarter. Guardian Partners Inc. increased its stake in Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after acquiring an additional 16 shares during the last quarter. Nicolet Advisory Services LLC increased its stake in Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after acquiring an additional 17 shares during the last quarter. Uhlmann Price Securities LLC raised its holdings in shares of Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock worth $386,000 after purchasing an additional 17 shares during the period. Finally, ICW Investment Advisors LLC lifted its stake in shares of Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after purchasing an additional 18 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Barclays boosted their target price on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Raymond James Financial raised their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Evercore reiterated an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a research report on Wednesday, May 6th. Finally, Wells Fargo & Company raised their target price on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Up 1.8%

Shares of Cummins stock opened at $642.56 on Tuesday. The business has a 50-day moving average of $664.99 and a 200-day moving average of $628.02. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market capitalization of $88.45 billion, a PE ratio of 32.83, a P/E/G ratio of 1.50 and a beta of 1.24. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last announced its earnings results 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the previous year, the firm posted $6.43 earnings per share. The firm’s revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 30.15 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.4%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

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.