Fayez Sarofim & Co Has $2.86 Million Position in Cummins Inc. (NYSE:CMI)

Fayez Sarofim & Co increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 72.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,195 shares of the company's stock after acquiring an additional 3,440 shares during the period. Fayez Sarofim & Co's holdings in Cummins were worth $2,857,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Advisory Resource Group raised its position in shares of Cummins by 1.0% during the third quarter. Advisory Resource Group now owns 15,328 shares of the company's stock worth $4,963,000 after purchasing an additional 155 shares during the period. SkyView Investment Advisors LLC raised its holdings in Cummins by 3.9% during the 3rd quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company's stock worth $1,727,000 after buying an additional 202 shares during the period. Stock Yards Bank & Trust Co. lifted its stake in Cummins by 1.8% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company's stock valued at $1,648,000 after buying an additional 88 shares in the last quarter. Pine Valley Investments Ltd Liability Co acquired a new position in shares of Cummins in the third quarter worth about $209,000. Finally, Wilmington Savings Fund Society FSB boosted its holdings in shares of Cummins by 18.9% in the third quarter. Wilmington Savings Fund Society FSB now owns 4,990 shares of the company's stock worth $1,616,000 after buying an additional 794 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CMI shares. JPMorgan Chase & Co. reduced their price target on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and increased their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and lowered their price target for the company from $400.00 to $240.00 in a report on Monday, April 7th. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Finally, Truist Financial lowered their target price on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Cummins currently has a consensus rating of "Hold" and an average target price of $346.00.

Cummins Stock Performance

Shares of NYSE:CMI traded down $0.40 during midday trading on Friday, hitting $293.56. The company's stock had a trading volume of 576,426 shares, compared to its average volume of 805,761. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The stock has a market capitalization of $40.44 billion, a price-to-earnings ratio of 10.42, a PEG ratio of 2.19 and a beta of 1.07. The stock's 50 day simple moving average is $319.84 and its 200 day simple moving average is $343.98.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data 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 return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. During the same period in the prior year, the business earned $4.14 earnings per share. Cummins's revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share 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 given a $1.82 dividend. This represents a $7.28 annualized dividend and a 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.