Cullen Frost Bankers Inc. Purchases 73 Shares of Cummins Inc. (NYSE:CMI)

Cullen Frost Bankers Inc. boosted its position in Cummins Inc. (NYSE:CMI) by 0.1% during the fourth quarter, HoldingsChannel reports. The fund owned 68,571 shares of the company’s stock after buying an additional 73 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Cummins were worth $23,904,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Proficio Capital Partners LLC purchased a new position in Cummins during the 4th quarter valued at about $71,279,000. Fisher Asset Management LLC grew its holdings in Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares in the last quarter. State Street Corp grew its holdings in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Cummins by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after buying an additional 120,579 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 0.1 %

Shares of CMI opened at $347.00 on Thursday. The firm has a market cap of $47.71 billion, a P/E ratio of 12.32, a P/E/G ratio of 2.19 and a beta of 1.00. The stock has a 50 day simple moving average of $362.15 and a two-hundred day simple moving average of $345.63. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.14 earnings per share. On average, analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.10%. Cummins’s payout ratio is currently 25.84%.

Analysts Set New Price Targets

A number of research firms have weighed in on CMI. Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Citigroup reduced their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Truist Financial boosted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, The Goldman Sachs Group boosted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Hold” and an average target price of $386.67.

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.