North Forty Two & Co. purchased a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,443 shares of the company's stock, valued at approximately $503,000.
Several other hedge funds have also recently added to or reduced their stakes in CMI. Raymond James Financial Inc. acquired a new stake in shares of Cummins during the fourth quarter valued at approximately $187,082,000. Proficio Capital Partners LLC acquired a new stake in Cummins in the 4th quarter valued at approximately $71,279,000. Amundi raised its position in shares of Cummins by 32.3% during the fourth quarter. Amundi now owns 771,038 shares of the company's stock valued at $277,381,000 after buying an additional 188,254 shares during the last quarter. Fisher Asset Management LLC lifted its position in Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after purchasing an additional 165,398 shares during the period. Finally, State Street Corp raised its holdings in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Institutional investors own 83.46% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on CMI shares. Jefferies Financial Group increased their price target on Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Barclays lifted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 18th. Finally, Robert W. Baird increased their target price on Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $389.50.
Get Our Latest Stock Analysis on CMI
Cummins Stock Performance
Shares of CMI stock traded down $3.62 during mid-day trading on Friday, reaching $321.78. The stock had a trading volume of 1,244,157 shares, compared to its average volume of 766,424. 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 business's fifty day moving average is $355.99 and its 200-day moving average is $347.41. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The firm has a market cap of $44.24 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 2.19 and a beta of 1.01.
Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter in the prior year, the company earned $4.14 EPS. Cummins's revenue was down 1.1% compared to the same quarter last year. On average, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.
Cummins Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio (DPR) is 25.84%.
Cummins Profile
(
Free Report)
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.
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