Modern Wealth Management LLC Takes Position in Cummins Inc. (NYSE:CMI)

Modern Wealth Management LLC bought a new position in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 555 shares of the company’s stock, valued at approximately $208,000.

Several other large investors have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC raised its stake 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 purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in Cummins during the 4th quarter worth $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins in the 4th quarter worth $27,000. TCTC Holdings LLC purchased a new stake in shares of Cummins in the fourth quarter valued at about $28,000. Finally, SBI Securities Co. Ltd. bought a new position in shares of Cummins during the fourth quarter valued at about $30,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Robert W. Baird increased their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Finally, UBS Group decreased their price objective on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a report on Tuesday, March 18th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $389.50.

Cummins Stock Down 3.1 %

CMI opened at $313.45 on Friday. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The company has a market cap of $43.09 billion, a PE ratio of 11.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. 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 company has a 50 day moving average of $352.17 and a 200 day moving average of $348.05.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the company earned $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, sell-side analysts expect 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 given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

About Cummins

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.