C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Takes Position in Cummins Inc. (NYSE:CMI)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 12,900 shares of the company's stock, valued at approximately $4,497,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pathway Financial Advisers LLC grew its position in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock valued at $819,794,000 after purchasing an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC increased its stake in Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after acquiring an additional 972,247 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock valued at $973,174,000 after acquiring an additional 165,398 shares in the last quarter. State Street Corp boosted its position in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company's stock valued at $2,039,894,000 after acquiring an additional 126,703 shares during the last quarter. Finally, abrdn plc grew its holdings in shares of Cummins by 22.5% during the third quarter. abrdn plc now owns 611,810 shares of the company's stock worth $198,119,000 after purchasing an additional 112,529 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CMI. Vertical Research downgraded shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Jefferies Financial Group lifted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday, December 6th. StockNews.com cut Cummins from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and lifted their price target for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and increased their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $383.08.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the transaction, the vice president now owns 20,803 shares of the company's stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.56% of the company's stock.

Cummins Trading Up 1.2 %

CMI traded up $4.39 during trading on Friday, hitting $373.71. 802,013 shares of the stock traded hands, compared to its average volume of 888,607. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.79. The firm has a market capitalization of $51.27 billion, a P/E ratio of 13.27, a price-to-earnings-growth ratio of 2.10 and a beta of 1.00. Cummins Inc. has a 12-month low of $259.06 and a 12-month high of $387.90. The firm has a 50-day moving average of $361.09 and a 200 day moving average of $339.06.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter last year, the business posted $4.14 EPS. The business's revenue was down 1.1% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Friday, February 21st. Cummins's payout ratio is currently 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.