Comerica Bank Increases Stake in Cummins Inc. (NYSE:CMI)

Comerica Bank increased its holdings in Cummins Inc. (NYSE:CMI) by 1.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 33,689 shares of the company’s stock after purchasing an additional 566 shares during the quarter. Comerica Bank’s holdings in Cummins were worth $11,744,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Pine Valley Investments Ltd Liability Co purchased a new stake in Cummins during the 3rd quarter valued at about $209,000. Wilmington Savings Fund Society FSB grew its holdings in shares of Cummins by 18.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 4,990 shares of the company’s stock worth $1,616,000 after purchasing an additional 794 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Cummins by 74.2% in the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after buying an additional 99,464 shares during the period. Old Port Advisors bought a new stake in Cummins during the 4th quarter valued at $215,000. Finally, Versant Capital Management Inc boosted its position in Cummins by 53.1% during the 4th quarter. Versant Capital Management Inc now owns 476 shares of the company’s stock valued at $166,000 after buying an additional 165 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 1.6 %

Shares of Cummins stock opened at $299.72 on Friday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. 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 50-day moving average of $310.47 and a 200 day moving average of $342.38. The firm has a market cap of $41.28 billion, a price-to-earnings ratio of 10.64, a PEG ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during 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 business’s revenue was down 1.1% on a year-over-year basis. During the same period last year, the business earned $4.14 earnings per share. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.43%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is 25.84%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CMI shares. Robert W. Baird lowered their price objective on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. Evercore ISI upped their price target on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. decreased their target price on Cummins from $375.00 to $308.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Finally, Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $346.00.

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.