Cary Street Partners Financial LLC Buys Shares of 924 Cummins Inc. (NYSE:CMI)

Cary Street Partners Financial LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 924 shares of the company’s stock, valued at approximately $322,000.

A number of other institutional investors and hedge funds have also modified their holdings of CMI. Vanguard Group Inc. increased its position in shares of Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Geode Capital Management LLC grew its stake in Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock valued at $1,174,504,000 after acquiring an additional 84,112 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Cummins by 2.2% during the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after acquiring an additional 66,887 shares in the last quarter. Northern Trust Corp raised its position in Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after acquiring an additional 246,807 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Cummins by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company’s stock valued at $552,820,000 after purchasing an additional 12,722 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $306.81 on Friday. The business’s fifty day moving average price is $304.66 and its 200 day moving average price is $341.31. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. 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 stock has a market capitalization of $42.26 billion, a P/E ratio of 10.89, a PEG ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI) last issued its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. During the same quarter in the previous year, the business earned $5.08 EPS. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is presently 36.22%.

Analysts Set New Price Targets

CMI has been the subject of several research reports. Truist Financial cut their price objective on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a research report on Tuesday, April 8th. Morgan Stanley upped their price objective on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Tuesday. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $347.69.

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.