Sequoia Financial Advisors LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 38.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 4,149 shares of the company's stock after buying an additional 1,153 shares during the period. Sequoia Financial Advisors LLC's holdings in Cummins were worth $1,446,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of CMI. Curi RMB Capital LLC acquired a new position in shares of Cummins during the third quarter worth $243,000. Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Cummins by 3.3% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,038 shares of the company's stock worth $1,307,000 after buying an additional 128 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in Cummins by 6.8% in the third quarter. OneDigital Investment Advisors LLC now owns 8,057 shares of the company's stock valued at $2,609,000 after purchasing an additional 511 shares during the period. Balboa Wealth Partners acquired a new stake in Cummins in the third quarter valued at $337,000. Finally, CIBC Asset Management Inc increased its holdings in Cummins by 7.3% in the third quarter. CIBC Asset Management Inc now owns 23,340 shares of the company's stock valued at $7,557,000 after purchasing an additional 1,582 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on CMI shares. UBS Group decreased their price objective on Cummins from $432.00 to $400.00 and set a "buy" rating for the company in a report on Tuesday. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and increased their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a report on Thursday, January 16th. JPMorgan Chase & Co. cut their price target on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research report on Tuesday. Finally, Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $389.50.
Get Our Latest Stock Report on CMI
Cummins Stock Performance
Shares of NYSE CMI traded up $4.69 during trading on Wednesday, reaching $327.24. 768,092 shares of the stock traded hands, compared to its average volume of 895,637. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a 50-day moving average of $358.00 and a 200-day moving average of $347.35. The stock has a market capitalization of $44.99 billion, a P/E ratio of 11.62, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.14 EPS. 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. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.22%. Cummins's payout ratio is currently 25.84%.
Cummins Profile
(
Free Report)
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.
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