Cummins Inc. (NYSE:CMI) Shares Acquired by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co lifted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 14.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 134,701 shares of the company's stock after purchasing an additional 16,815 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.10% of Cummins worth $46,933,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mariner Investment Group LLC purchased a new stake in Cummins during the 4th quarter valued at $1,046,000. FMR LLC increased its holdings in Cummins by 5.7% in the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after buying an additional 67,266 shares in the last quarter. National Bank of Canada FI raised its position in Cummins by 4.2% in the 4th quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock worth $28,359,000 after buying an additional 3,298 shares during the last quarter. Franklin Resources Inc. lifted its stake in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock valued at $79,017,000 after acquiring an additional 99,464 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Cummins by 4.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after purchasing an additional 6,107 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research analyst reports. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and cut their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Robert W. Baird cut their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Barclays increased their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Truist Financial cut their price target on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Finally, Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and increased their price objective for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $346.00.

Cummins Stock Performance

NYSE CMI traded up $9.94 on Thursday, hitting $293.61. 226,842 shares of the company's stock traded hands, compared to its average volume of 915,460. The firm has a market capitalization of $40.44 billion, a PE ratio of 10.42, a P/E/G ratio of 2.19 and a beta of 1.07. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The firm's 50-day moving average price is $321.43 and its two-hundred day moving average price is $344.24. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio (DPR) is presently 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.