Cummins Inc. (NYSE:CMI) Shares Purchased by MetLife Investment Management LLC

MetLife Investment Management LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 36,300 shares of the company’s stock after purchasing an additional 672 shares during the quarter. MetLife Investment Management LLC’s holdings in Cummins were worth $12,654,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. KG&L Capital Management LLC lifted its holdings in Cummins by 0.8% in the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock valued at $1,296,000 after acquiring an additional 28 shares during the period. Signaturefd LLC grew its stake in shares of Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after purchasing an additional 28 shares during the period. Massachusetts Wealth Management lifted its stake in shares of Cummins by 0.6% in the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after purchasing an additional 30 shares during the period. Finally, Avestar Capital LLC grew its position in Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after buying an additional 31 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE CMI opened at $281.37 on Monday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The firm has a market capitalization of $38.76 billion, a P/E ratio of 9.99, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The stock’s fifty day moving average is $326.83 and its two-hundred day moving average is $345.52. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Analysts Set New Price Targets

CMI has been the topic of a number of analyst reports. Robert W. Baird dropped 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, April 15th. Barclays upped their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Morgan Stanley dropped their price target on shares of Cummins from $425.00 to $340.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Evercore ISI increased their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Finally, Truist Financial cut their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $346.00.

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.