Advisors Capital Management LLC Takes $275,000 Position in Cummins Inc. (NYSE:CMI)

Advisors Capital Management LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 789 shares of the company’s stock, valued at approximately $275,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC raised its stake in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new stake in Cummins during the fourth quarter valued at $26,000. Compass Financial Services Inc purchased a new stake in Cummins during the fourth quarter valued at $27,000. Meeder Asset Management Inc. lifted its holdings in Cummins by 208.0% in the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares during the period. Finally, TCTC Holdings LLC purchased a new position in Cummins in the fourth quarter worth about $28,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of several recent research reports. Citigroup lowered their price objective on shares of Cummins from $360.00 to $320.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Evercore ISI increased their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. JPMorgan Chase & Co. dropped their price target on shares of Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. Truist Financial reduced their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. Finally, Robert W. Baird lowered their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $346.50.

Cummins Stock Performance

NYSE:CMI opened at $286.83 on Wednesday. The stock has a 50-day moving average price of $332.32 and a 200 day moving average price of $346.31. The stock has a market capitalization of $39.51 billion, a P/E ratio of 10.18, a P/E/G ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter last year, the business posted $4.14 earnings per share. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.54%. Cummins’s dividend payout ratio (DPR) is 25.84%.

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.