CenterBook Partners LP Takes Position in Cummins Inc. (NYSE:CMI)

CenterBook Partners LP purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,355 shares of the company's stock, valued at approximately $472,000.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC increased its stake in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after acquiring an additional 28 shares during the last quarter. KG&L Capital Management LLC increased its position in Cummins by 0.8% during the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company's stock worth $1,296,000 after purchasing an additional 28 shares during the last quarter. Signaturefd LLC raised its stake in Cummins by 0.9% during the fourth quarter. Signaturefd LLC now owns 3,313 shares of the company's stock worth $1,155,000 after purchasing an additional 28 shares during the period. Massachusetts Wealth Management boosted its holdings in Cummins by 0.6% in the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company's stock valued at $1,677,000 after purchasing an additional 30 shares during the last quarter. Finally, Avestar Capital LLC grew its stake in shares of Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company's stock valued at $344,000 after buying an additional 31 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 0.3 %

Cummins stock traded up $0.81 during trading on Friday, reaching $281.37. The stock had a trading volume of 624,084 shares, compared to its average volume of 811,363. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The business has a 50 day moving average price of $328.65 and a 200 day moving average price of $345.57. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market cap of $38.76 billion, a PE ratio of 9.99, a P/E/G ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 earnings per share. The company's revenue was down 1.1% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 2.59%. 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 research firms have recently commented on CMI. Truist Financial reduced their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley lowered their price target on Cummins from $425.00 to $340.00 and set an "overweight" rating for the company in a report on Wednesday. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Barclays lifted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research report on Wednesday, February 5th. Finally, StockNews.com cut shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday, March 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $346.00.

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.