Aigen Investment Management LP Buys New Shares in Cummins Inc. (NYSE:CMI)

Aigen Investment Management LP acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 998 shares of the company's stock, valued at approximately $348,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Global Trust Asset Management LLC raised its stake in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in Cummins during the 4th quarter valued at $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the 4th quarter valued at $27,000. SBI Securities Co. Ltd. acquired a new stake in Cummins during the 4th quarter valued at $30,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins during the 3rd quarter valued at $32,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Down 1.5 %

Cummins stock traded down $5.03 during mid-day trading on Tuesday, hitting $329.21. 1,546,717 shares of the company's stock were exchanged, compared to its average volume of 883,539. 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 cap of $45.26 billion, a P/E ratio of 11.69, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1-year low of $260.88 and a 1-year high of $387.90. The stock has a 50 day moving average of $361.09 and a two-hundred day moving average of $346.86.

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Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping 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 firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the business posted $4.14 earnings per share. The business's quarterly revenue was down 1.1% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio (DPR) is 25.84%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CMI. Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. Barclays upped their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. raised shares of Cummins from an "underweight" rating to a "neutral" rating and upped their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and upped their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group upped their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $386.67.

About Cummins

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.