SouthState Corp Acquires 1,000 Shares of Cummins Inc. (NYSE:CMI)

SouthState Corp boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 384.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,260 shares of the company’s stock after acquiring an additional 1,000 shares during the quarter. SouthState Corp’s holdings in Cummins were worth $439,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC grew its stake in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department bought a new position in Cummins in the 4th quarter valued at $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins in the 4th quarter valued at $27,000. SBI Securities Co. Ltd. bought a new stake in shares of Cummins during the fourth quarter worth $30,000. Finally, Prospera Private Wealth LLC acquired a new position in shares of Cummins during the third quarter valued at $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $326.13 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market cap of $44.84 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.19 and a beta of 1.01. The business has a 50 day simple moving average of $358.75 and a 200 day simple moving average of $347.28. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.14 earnings per share. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company 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. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. Cummins’s dividend payout ratio (DPR) is 25.84%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CMI. Jefferies Financial Group boosted their price objective on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. 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 report on Wednesday, February 5th. StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a report on Friday. Evercore ISI increased their price target on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Nine investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and an average price target of $392.64.

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.