Kennondale Capital Management LLC Purchases New Shares in Cummins Inc. (NYSE:CMI)

Kennondale Capital Management LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,911 shares of the company's stock, valued at approximately $1,364,000. Cummins comprises 1.1% of Kennondale Capital Management LLC's holdings, making the stock its 24th largest holding.

A number of other hedge funds have also added to or reduced their stakes in CMI. CIBC Asset Management Inc raised its stake in Cummins by 7.3% during the 3rd quarter. CIBC Asset Management Inc now owns 23,340 shares of the company's stock valued at $7,557,000 after buying an additional 1,582 shares during the last quarter. Natixis Advisors LLC lifted its position in Cummins by 2.2% during the third quarter. Natixis Advisors LLC now owns 98,665 shares of the company's stock valued at $31,946,000 after purchasing an additional 2,092 shares in the last quarter. Claro Advisors LLC purchased a new position in Cummins during the third quarter valued at $308,000. Swiss National Bank lifted its position in Cummins by 0.3% during the third quarter. Swiss National Bank now owns 405,978 shares of the company's stock valued at $131,452,000 after purchasing an additional 1,100 shares in the last quarter. Finally, AMG National Trust Bank purchased a new position in Cummins during the third quarter valued at $219,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. cut their price objective on Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research note on Tuesday. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays boosted their price objective on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Finally, Robert W. Baird boosted their price objective on Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $389.50.

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Cummins Price Performance

Shares of NYSE CMI traded down $3.62 during midday trading on Friday, reaching $321.78. 1,244,157 shares of the stock traded hands, compared to its average volume of 784,281. 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 stock has a market capitalization of $44.24 billion, a PE ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90. The company's 50 day moving average is $355.99 and its 200 day moving average is $347.12.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the company earned $4.14 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.26%. Cummins's payout ratio is presently 25.84%.

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.