Citizens Financial Group Inc. RI Purchases 450 Shares of Cummins Inc. (NYSE:CMI)

Citizens Financial Group Inc. RI boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 30,811 shares of the company’s stock after buying an additional 450 shares during the period. Citizens Financial Group Inc. RI’s holdings in Cummins were worth $8,533,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Beacon Financial Group increased its position in shares of Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after purchasing an additional 126 shares during the last quarter. KBC Group NV raised its position in shares of Cummins by 283.2% during the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after buying an additional 57,341 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Cummins during the 2nd quarter valued at $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after acquiring an additional 21,850 shares during the last quarter. Finally, Duality Advisers LP grew its position in Cummins by 190.3% in the first quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after acquiring an additional 12,087 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI stock opened at $302.13 on Monday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $41.41 billion, a price-to-earnings ratio of 22.12, a PEG ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The firm’s 50-day moving average price is $294.86 and its two-hundred day moving average price is $287.28.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter last year, the business posted $5.18 EPS. The business’s revenue was up 2.3% on a year-over-year basis. As a group, equities analysts predict that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.41%. Cummins’s dividend payout ratio (DPR) is 53.29%.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. Robert W. Baird lifted their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. boosted their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Citigroup started coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Raymond James started coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Truist Financial increased their target price on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $299.55.

Insiders Place Their Bets

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Profile

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.