Cummins Inc. (NYSE:CMI) Position Reduced by Applied Finance Capital Management LLC

Applied Finance Capital Management LLC reduced its position in Cummins Inc. (NYSE:CMI - Free Report) by 1.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 134,346 shares of the company's stock after selling 2,413 shares during the period. Cummins makes up about 2.0% of Applied Finance Capital Management LLC's holdings, making the stock its 18th biggest holding. Applied Finance Capital Management LLC owned approximately 0.10% of Cummins worth $46,833,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CMI. Global Trust Asset Management LLC boosted its holdings in Cummins by 59.6% in the fourth 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 last quarter. BankPlus Trust Department acquired a new position in shares of Cummins in the 4th quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new position in shares of Cummins during the 4th quarter valued at approximately $27,000. Meeder Asset Management Inc. grew its position in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC bought a new stake in shares of Cummins in the fourth quarter worth $28,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent analyst reports. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their price objective for the stock from $400.00 to $240.00 in a report on Monday, April 7th. JPMorgan Chase & Co. decreased their price target on Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a research note on Friday. Barclays upped 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. Truist Financial reduced their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Finally, Evercore ISI boosted their price target on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of "Hold" and a consensus target price of $354.17.

Cummins Stock Performance

CMI traded up $4.25 during trading on Friday, reaching $286.00. 722,702 shares of the company were exchanged, compared to its average volume of 813,748. Cummins Inc. has a 52 week low of $260.02 and a 52 week 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 firm has a 50 day moving average of $335.61 and a 200 day moving average of $346.99. The stock has a market cap of $39.40 billion, a P/E ratio of 10.15, a PEG ratio of 2.19 and a beta of 1.07.

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. The firm had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.14 EPS. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.55%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is currently 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.