Focus Partners Wealth Boosts Holdings in Cummins Inc. (NYSE:CMI)

Focus Partners Wealth boosted its position in shares of Cummins Inc. (NYSE:CMI) by 82.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,165 shares of the company’s stock after buying an additional 11,362 shares during the quarter. Focus Partners Wealth’s holdings in Cummins were worth $8,773,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Global Trust Asset Management LLC raised its holdings 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 valued at $26,000 after acquiring an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new stake in shares of Cummins during the fourth quarter worth about $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. boosted its position 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 buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new stake in Cummins in the fourth quarter valued at approximately $28,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of Cummins stock opened at $334.68 on Wednesday. The business has a 50-day moving average of $304.14 and a 200 day moving average of $341.42. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The stock has a market capitalization of $46.10 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter last year, the business posted $5.08 EPS. The business’s quarterly revenue was down 2.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. Cummins’s dividend payout ratio (DPR) is presently 36.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CMI shares. Morgan Stanley upped their price objective on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 6th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, Robert W. Baird dropped their target price on Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $354.83.

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.