Cummins Inc. (NYSE:CMI) Shares Acquired by Advisory Services Network LLC

Advisory Services Network LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 1.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 15,225 shares of the company’s stock after purchasing an additional 289 shares during the period. Advisory Services Network LLC’s holdings in Cummins were worth $5,308,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Norges Bank purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $499,490,000. Raymond James Financial Inc. purchased a new stake in shares of Cummins during the 4th quarter worth approximately $187,082,000. Vanguard Group Inc. lifted its position in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after buying an additional 250,650 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Cummins during the 4th quarter worth approximately $71,279,000. Finally, Amundi raised its position in Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after purchasing an additional 188,254 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Truist Financial lowered their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday. Citigroup reduced their price target on shares of Cummins from $360.00 to $320.00 and set a “buy” rating on the stock in a research report on Tuesday. Evercore ISI boosted their target price 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. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $359.75.

Cummins Stock Up 11.0 %

Shares of CMI opened at $296.51 on Thursday. The company has a market capitalization of $40.84 billion, a PE ratio of 10.53, a PEG ratio of 2.19 and a beta of 1.07. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock’s 50-day moving average price is $338.50 and its two-hundred day moving average price is $347.35. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm 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%. The company’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.14 EPS. On average, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued 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 payout ratio is currently 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.