XTX Topco Ltd Buys Shares of 2,218 Cummins Inc. (NYSE:CMI)

XTX Topco Ltd purchased a new position in Cummins Inc. (NYSE:CMI) in the fourth quarter, HoldingsChannel reports. The firm purchased 2,218 shares of the company’s stock, valued at approximately $773,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in Cummins during the 4th quarter valued at $499,490,000. Raymond James Financial Inc. bought a new position in Cummins during the fourth quarter valued at about $187,082,000. Vanguard Group Inc. grew its holdings in Cummins by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares during the period. Neuberger Berman Group LLC grew its holdings in Cummins by 57.0% during the fourth quarter. Neuberger Berman Group LLC now owns 643,482 shares of the company’s stock worth $224,317,000 after acquiring an additional 233,694 shares during the period. Finally, Proficio Capital Partners LLC bought a new stake in Cummins in the fourth quarter worth about $71,279,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of CMI opened at $281.37 on Friday. The business’s 50-day moving average is $328.65 and its 200-day moving average is $345.57. 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 company has a market capitalization of $38.76 billion, a price-to-earnings ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.14 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Evercore ISI lifted their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. cut their target price on Cummins from $375.00 to $308.00 and set a “neutral” rating on the stock in a research report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $346.00.

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.