Cummins Inc. (NYSE:CMI) Holdings Lifted by Summit Financial LLC

Summit Financial LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,001 shares of the company’s stock after purchasing an additional 106 shares during the quarter. Summit Financial LLC’s holdings in Cummins were worth $349,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Mariner Investment Group LLC bought a new stake in Cummins during the 4th quarter valued at $1,046,000. Franklin Resources Inc. raised its stake in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after purchasing an additional 99,464 shares in the last quarter. Axxcess Wealth Management LLC lifted its holdings in Cummins by 133.4% in the fourth quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock worth $2,021,000 after purchasing an additional 3,314 shares during the period. Concurrent Investment Advisors LLC grew its position in Cummins by 296.0% in the 4th quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock valued at $4,128,000 after buying an additional 8,851 shares in the last quarter. Finally, Capital Investment Advisors LLC increased its stake in Cummins by 2.0% during the 4th quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company’s stock valued at $38,481,000 after buying an additional 2,211 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research analyst reports. UBS Group reduced their price target on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Robert W. Baird increased their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Citigroup dropped their price objective on Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a research note on Monday. Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Finally, Truist Financial upped their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average target price of $383.67.

Cummins Trading Down 7.5 %

Cummins stock opened at $295.96 on Friday. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market capitalization of $40.69 billion, a price-to-earnings ratio of 10.51, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a 50 day moving average price of $347.69 and a 200 day moving average price of $348.43.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.14 earnings per share. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Cummins Company 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.