Davis R M Inc. Takes Position in Cummins Inc. (NYSE:CMI)

Davis R M Inc. bought a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 816 shares of the company’s stock, valued at approximately $284,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Global Trust Asset Management LLC raised its position in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department bought a new position in Cummins in the 4th quarter worth about $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins in the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. bought a new stake in shares of Cummins during the 4th quarter valued at about $30,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins during the third quarter worth about $32,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI opened at $329.21 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The stock’s 50 day simple moving average is $361.09 and its 200 day simple moving average is $346.86. The firm has a market cap of $45.26 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 2.19 and a beta of 1.01. 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. 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 earned $4.14 earnings per share. The business’s revenue was down 1.1% on a year-over-year basis. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders 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 2.21%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Evercore ISI lifted their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. StockNews.com lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Citigroup lowered their price target on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, Truist Financial upped 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. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $386.67.

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.