FIL Ltd Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

FIL Ltd trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 56.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,116 shares of the company's stock after selling 4,015 shares during the quarter. FIL Ltd's holdings in Cummins were worth $1,086,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company's stock worth $5,912,830,000 after acquiring an additional 250,650 shares during the period. Geode Capital Management LLC boosted its stake in shares of Cummins by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company's stock valued at $1,174,504,000 after purchasing an additional 84,112 shares in the last quarter. Fisher Asset Management LLC raised its stake in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after buying an additional 66,887 shares in the last quarter. Norges Bank purchased a new stake in Cummins during the fourth quarter worth $499,490,000. Finally, FMR LLC boosted its position in Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company's stock valued at $433,087,000 after acquiring an additional 67,266 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. StockNews.com cut Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Bank of America upgraded shares of Cummins from an "underperform" rating to a "neutral" rating and raised their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. UBS Group cut shares of Cummins from a "buy" rating to a "sell" rating and decreased their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Finally, Robert W. Baird decreased their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $346.00.

Cummins Stock Performance

Shares of Cummins stock traded up $0.81 on Friday, reaching $281.37. 624,084 shares of the stock were exchanged, compared to its average volume of 811,363. The business has a 50 day moving average price of $328.65 and a two-hundred day moving average price of $345.57. The firm has a market capitalization of $38.76 billion, a price-to-earnings ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.07. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. 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 (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business's quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the business posted $4.14 EPS. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid 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 dividend yield of 2.59%. Cummins's payout ratio is currently 25.84%.

About Cummins

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.