Cibc World Markets Corp Has $7.55 Million Stake in Cummins Inc. (NYSE:CMI)

Cibc World Markets Corp grew its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 16.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,661 shares of the company's stock after purchasing an additional 3,055 shares during the quarter. Cibc World Markets Corp's holdings in Cummins were worth $7,551,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CMI. Raymond James Financial Inc. acquired a new position in Cummins during the fourth quarter worth approximately $187,082,000. Proficio Capital Partners LLC acquired a new position in shares of Cummins in the fourth quarter valued at approximately $71,279,000. Amundi grew its position in shares of Cummins by 32.3% in the fourth quarter. Amundi now owns 771,038 shares of the company's stock valued at $277,381,000 after purchasing an additional 188,254 shares during the last quarter. Fisher Asset Management LLC grew its holdings in 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 buying an additional 165,398 shares in the last quarter. Finally, State Street Corp grew its holdings in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company's stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research report on Friday, March 14th. Truist Financial upped their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and raised their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a report on Wednesday, February 5th. Finally, Barclays increased their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $389.50.

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Cummins Price Performance

Shares of NYSE CMI traded down $3.62 during mid-day trading on Friday, hitting $321.78. 1,244,157 shares of the stock traded hands, compared to its average volume of 784,281. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The company has a market cap of $44.24 billion, a PE ratio of 11.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The firm has a 50 day simple moving average of $355.99 and a two-hundred day simple moving average of $347.12.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period last year, the firm posted $4.14 earnings per share. The business's revenue for the quarter was down 1.1% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. Cummins's dividend payout ratio (DPR) is presently 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.