Corient Private Wealth LLC Reduces Position in Cummins Inc. (NYSE:CMI)

Corient Private Wealth LLC reduced its position in Cummins Inc. (NYSE:CMI - Free Report) by 1.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 324,365 shares of the company's stock after selling 3,129 shares during the quarter. Corient Private Wealth LLC owned about 0.24% of Cummins worth $113,075,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Raymond James Financial Inc. acquired a new position in Cummins during the fourth quarter valued at $187,082,000. Proficio Capital Partners LLC acquired a new position in Cummins during the fourth quarter valued at $71,279,000. Amundi increased its holdings in 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 buying an additional 188,254 shares in the last quarter. Fisher Asset Management LLC increased its holdings in Cummins by 5.8% in the third 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 increased its holdings in Cummins by 2.1% in the third 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 owned by hedge funds and other institutional investors.

Cummins Trading Down 0.5 %

NYSE:CMI traded down $1.78 on Thursday, hitting $325.38. The stock had a trading volume of 885,923 shares, compared to its average volume of 857,457. The company has a fifty day moving average price of $357.35 and a two-hundred day moving average price of $347.20. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The stock has a market cap of $44.73 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 2.19 and a beta of 1.01.

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

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. Cummins's dividend payout ratio (DPR) is presently 25.84%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CMI shares. JPMorgan Chase & Co. cut their price objective on shares of Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a report on Tuesday. Citigroup cut their price objective on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Jefferies Financial Group lifted their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a report on Friday, December 6th. Truist Financial boosted their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Finally, UBS Group cut their target price on shares of Cummins from $432.00 to $400.00 and set a "buy" rating for the company in a research note on Tuesday. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $389.50.

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.