Commerzbank Aktiengesellschaft FI Has $892,000 Stock Position in Cummins Inc. $CMI

Commerzbank Aktiengesellschaft FI raised its stake in Cummins Inc. (NYSE:CMI) by 305.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,722 shares of the company’s stock after buying an additional 2,051 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Cummins were worth $892,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Olde Wealth Management LLC acquired a new position in shares of Cummins during the first quarter worth $30,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins during the first quarter worth $31,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins during the first quarter worth $37,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins during the first quarter worth $39,000. Finally, Costello Asset Management INC acquired a new position in shares of Cummins during the first quarter worth $40,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on CMI. Barclays lifted their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Evercore ISI restated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, Truist Financial boosted their target price on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $397.43.

Cummins Price Performance

CMI stock opened at $413.28 on Friday. The stock has a market capitalization of $56.95 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.06 and a beta of 1.04. The company’s 50-day moving average is $407.21 and its 200-day moving average is $349.37. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the company posted $5.26 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insider Buying and Selling

In related news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares in the company, valued at $2,994,038.67. This trade represents a 38.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Andrew Smith sold 8,000 shares of the company’s stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. This represents a 20.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 over the last quarter. Corporate insiders own 0.41% of the company’s stock.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.