Plato Investment Management Ltd Makes New $3.69 Million Investment in Cummins Inc. $CMI

Plato Investment Management Ltd acquired a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel reports. The fund acquired 5,203 shares of the company’s stock, valued at approximately $3,689,000.

Several other hedge funds also recently made changes to their positions in CMI. Elevation Wealth Partners LLC lifted its position in Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after buying an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC raised its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the period. Activest Wealth Management lifted its position in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC bought a new position in Cummins during the 4th quarter worth $27,000. Finally, Key Financial Inc increased its position in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $631.81 on Monday. 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 quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The stock’s 50 day moving average is $665.58 and its 200-day moving average is $627.56.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 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 company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the firm posted $6.43 earnings per share. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 30.15 EPS for the current fiscal year.

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Monday, August 3rd. Wells Fargo & Company boosted their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. UBS Group lowered their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Truist Financial set a $894.00 target price on Cummins in a report on Wednesday, August 5th. Finally, Raymond James Financial upped their price objective 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 assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins 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.