Johnson Financial Group Inc. Buys Shares of 1,083 Cummins Inc. $CMI

Johnson Financial Group Inc. bought a new position in Cummins Inc. (NYSE:CMI) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,083 shares of the company’s stock, valued at approximately $772,000.

Several other hedge funds have also recently modified their holdings of CMI. Brighton Jones LLC boosted its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the last quarter. Intech Investment Management LLC raised its position in Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina raised its position in Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after buying an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC bought a new position in Cummins during the 2nd quarter valued at about $225,000. Finally, Osterweis Capital Management Inc. bought a new position in Cummins during the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 2.2%

Shares of CMI stock opened at $607.02 on Thursday. Cummins Inc. has a 12 month low of $389.52 and a 12 month high of $737.76. The stock has a market cap of $83.56 billion, a P/E ratio of 31.02, a P/E/G ratio of 1.48 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 $663.55 and a two-hundred day simple moving average of $628.49.

Cummins (NYSE:CMI) last issued 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). 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 quarter in the prior year, the business earned $6.43 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. On average, research analysts expect that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a dividend of $2.20 per share. 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. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 40.88%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CMI shares. Citigroup lifted their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Argus raised their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Wells Fargo & Company lifted 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. Finally, Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average 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.