Raymond James Financial Inc. Makes New Investment in Cummins Inc. (NYSE:CMI)

Raymond James Financial Inc. acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 536,668 shares of the company's stock, valued at approximately $187,082,000. Raymond James Financial Inc. owned approximately 0.39% of Cummins as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Stephens Inc. AR raised its holdings in shares of Cummins by 12.9% in the 3rd quarter. Stephens Inc. AR now owns 1,250 shares of the company's stock worth $405,000 after purchasing an additional 143 shares during the period. Avidian Wealth Enterprises LLC purchased a new position in shares of Cummins in the 3rd quarter worth about $230,000. Graypoint LLC raised its holdings in shares of Cummins by 11.3% in the 3rd quarter. Graypoint LLC now owns 1,838 shares of the company's stock worth $595,000 after purchasing an additional 187 shares during the period. JB Capital LLC raised its holdings in shares of Cummins by 8.6% in the 3rd quarter. JB Capital LLC now owns 885 shares of the company's stock worth $287,000 after purchasing an additional 70 shares during the period. Finally, Summit Global Investments purchased a new position in shares of Cummins in the 3rd quarter worth about $206,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMI. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and increased their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Truist Financial increased their target price on Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a research note on Thursday, January 16th. StockNews.com lowered Cummins from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Finally, Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $386.67.

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Cummins Stock Performance

NYSE:CMI traded down $2.89 during trading hours on Friday, reaching $341.97. 1,399,031 shares of the stock were exchanged, compared to its average volume of 857,471. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $47.01 billion, a P/E ratio of 12.14, a P/E/G ratio of 2.19 and a beta of 1.00. The firm has a 50 day simple moving average of $361.77 and a 200-day simple moving average of $345.91.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping 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 net margin of 11.57% and a return on equity of 27.12%. The firm's revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.14 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.13%. Cummins's dividend payout ratio (DPR) is 25.84%.

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.