The Manufacturers Life Insurance Company Makes New $113.05 Million Investment in Cummins Inc. $CMI

The Manufacturers Life Insurance Company bought a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 158,511 shares of the company’s stock, valued at approximately $113,045,000. The Manufacturers Life Insurance Company owned approximately 0.12% of Cummins as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% during the 4th 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 raised its holdings in Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after acquiring an additional 1,146 shares during the period. Treasurer of the State of North Carolina raised its holdings in Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after acquiring an additional 1,759 shares during the period. ICW Investment Advisors LLC purchased a new stake in shares of Cummins during the second quarter worth $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins in the second quarter worth $31,000. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.30% of the stock is currently owned by insiders.

Cummins Price Performance

NYSE:CMI opened at $573.19 on Wednesday. The firm has a market capitalization of $78.91 billion, a price-to-earnings ratio of 29.29, a P/E/G ratio of 1.36 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The stock has a fifty day moving average of $656.14 and a 200 day moving average of $628.10. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last posted its 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the previous year, the firm earned $6.43 earnings per share. Cummins’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, research analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced 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. The ex-dividend date is Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.5%. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CMI. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Evercore reissued an “outperform” rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Truist Financial set a $894.00 target price on Cummins in a report on Wednesday, August 5th. Argus upped their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, CICC Research started coverage on shares of Cummins in a report on Sunday. They issued an “outperform” rating on the stock. Twelve 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, Cummins has an average rating of “Moderate Buy” and an average target price of $745.64.

About Cummins

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.