OMERS ADMINISTRATION Corp Buys Shares of 11,784 Cummins Inc. $CMI

OMERS ADMINISTRATION Corp purchased a new position in Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 11,784 shares of the company’s stock, valued at approximately $8,404,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CMI. Osmosis Investment Management UK Ltd purchased a new position in Cummins during the 2nd quarter worth $355,000. Sanctuary Advisors LLC acquired a new position in Cummins during the 2nd quarter valued at about $34,032,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Cummins in the second quarter valued at about $13,231,000. Matters Capital LLC purchased a new stake in Cummins in the second quarter valued at about $208,000. Finally, Haverford Trust Co acquired a new stake in Cummins in the second quarter worth about $1,415,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI opened at $571.58 on Tuesday. The firm has a fifty day moving average price of $658.70 and a 200 day moving average price of $628.32. Cummins Inc. has a 1 year low of $389.52 and a 1 year high of $737.76. The stock has a market cap of $78.68 billion, a P/E ratio of 29.21, a P/E/G ratio of 1.40 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

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). The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.43 EPS. Equities research analysts anticipate that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared 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 represents a $8.80 annualized dividend and a dividend yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. CICC Research started coverage on shares of Cummins in a research report on Sunday. They issued an “outperform” rating for the company. Citigroup lifted their target price 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. Finally, Raymond James Financial upped their price target 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. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target 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.