Dearborn Partners LLC Invests $699,000 in Cummins Inc. $CMI

Dearborn Partners LLC purchased a new position in Cummins Inc. (NYSE:CMI) during the second quarter, HoldingsChannel reports. The fund purchased 1,299 shares of the company’s stock, valued at approximately $699,000.

Other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC increased its position in shares of Cummins by 4.1% in 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 in the last quarter. Intech Investment Management LLC boosted its position in shares of 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 in the last quarter. Treasurer of the State of North Carolina boosted its position in shares of 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 in the last quarter. ICW Investment Advisors LLC acquired a new stake in Cummins in the 2nd quarter valued at about $225,000. Finally, Osterweis Capital Management Inc. acquired a new stake in Cummins in the 2nd quarter valued at about $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of CMI opened at $571.58 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a market capitalization of $78.68 billion, a price-to-earnings ratio of 29.21, a PEG ratio of 1.40 and a beta of 1.24. The company’s 50 day simple moving average is $658.70 and its 200 day simple moving average is $628.32. 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). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $6.43 EPS. On average, sell-side analysts predict that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.5%. Cummins’s payout ratio is currently 44.97%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CMI. Argus raised their target price on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Morgan Stanley upped their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Truist Financial set a $894.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Citigroup raised their price objective 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. Finally, Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company 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.