Heartland Bank & Trust Co Makes New $634,000 Investment in Cummins Inc. $CMI

Heartland Bank & Trust Co bought a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 889 shares of the company’s stock, valued at approximately $634,000.

A number of other hedge funds also recently modified their holdings of the business. Activest Wealth Management grew its position in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Cedar Mountain Advisors LLC raised its holdings in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the period. Persistent Asset Partners Ltd bought a new position in Cummins in the second quarter valued at approximately $26,000. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins during the fourth quarter worth $27,000. Finally, Key Financial Inc increased its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CMI. Argus upped their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Wells Fargo & Company boosted their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. UBS Group decreased their price objective on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday, August 5th. Finally, Barclays boosted their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Trading Down 0.9%

Shares of NYSE:CMI opened at $587.87 on Friday. The company’s 50-day moving average price is $660.86 and its two-hundred day moving average price is $628.31. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. 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 stock has a market capitalization of $80.93 billion, a PE ratio of 30.04, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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). The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $6.43 EPS. On average, equities analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. Cummins’s payout ratio is presently 40.88%.

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.