C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Makes New Investment in Cummins Inc. (NYSE:CMI)

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

A number of other hedge funds have also added to or reduced their stakes in the business. Pathway Financial Advisers LLC increased its holdings in shares of Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock valued at $819,794,000 after acquiring an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after buying an additional 972,247 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after buying an additional 165,398 shares in the last quarter. State Street Corp grew its holdings in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Finally, abrdn plc grew its holdings in 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 buying an additional 112,529 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of CMI stock traded down $17.60 on Friday, hitting $366.79. 802,298 shares of the stock were exchanged, compared to its average volume of 826,870. 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 market capitalization of $50.43 billion, a PE ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00. Cummins Inc. has a one year low of $259.06 and a one year high of $387.90. The firm's 50 day moving average is $361.51 and its two-hundred day moving average is $341.71.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results 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. The company 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 firm's quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.14 EPS. Sell-side analysts expect that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. Cummins's payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CMI shares. Jefferies Financial Group upped their price target on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday, December 6th. JPMorgan Chase & Co. upgraded 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 report on Monday, December 9th. Citigroup decreased their price target on Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. StockNews.com downgraded Cummins from a "strong-buy" rating to a "buy" rating in a research note on Thursday, February 6th. Finally, 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. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Cummins currently has an average rating of "Hold" and an average target price of $386.67.

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.