Malaga Cove Capital LLC Makes New $213,000 Investment in Cummins Inc. (NYSE:CMI)

Malaga Cove Capital LLC bought a new position in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 611 shares of the company’s stock, valued at approximately $213,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CMI. Pallas Capital Advisors LLC lifted its holdings in shares of Cummins by 4.6% in the fourth quarter. Pallas Capital Advisors LLC now owns 918 shares of the company’s stock worth $320,000 after acquiring an additional 40 shares during the last quarter. SeaCrest Wealth Management LLC lifted its holdings in shares of Cummins by 6.1% in the fourth quarter. SeaCrest Wealth Management LLC now owns 974 shares of the company’s stock worth $340,000 after acquiring an additional 56 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in shares of Cummins by 3.7% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 3,744 shares of the company’s stock worth $1,305,000 after acquiring an additional 134 shares during the last quarter. Rockland Trust Co. lifted its holdings in shares of Cummins by 32.6% in the fourth quarter. Rockland Trust Co. now owns 2,873 shares of the company’s stock worth $1,002,000 after acquiring an additional 706 shares during the last quarter. Finally, Kathmere Capital Management LLC raised its holdings in Cummins by 21.2% in the 4th quarter. Kathmere Capital Management LLC now owns 896 shares of the company’s stock valued at $312,000 after buying an additional 157 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CMI. Citigroup lifted their target price on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday. Barclays lifted their target price 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. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and cut their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Finally, Truist Financial cut their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $354.83.

Cummins Stock Down 0.3%

Shares of NYSE CMI opened at $333.47 on Thursday. The company has a market capitalization of $45.94 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. 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 company’s 50 day moving average price is $303.97 and its 200-day moving average price is $341.37.

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

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be paid a $1.82 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.18%. Cummins’s dividend payout ratio is currently 36.22%.

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.