Freedom Investment Management Inc. Has $516,000 Holdings in Cummins Inc. (NYSE:CMI)

Freedom Investment Management Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 59.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,481 shares of the company's stock after selling 2,182 shares during the period. Freedom Investment Management Inc.'s holdings in Cummins were worth $516,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Mariner Investment Group LLC purchased a new stake in shares of Cummins in the 4th quarter valued at approximately $1,046,000. FMR LLC increased its stake in Cummins by 5.7% during the fourth quarter. FMR LLC now owns 1,242,362 shares of the company's stock worth $433,087,000 after acquiring an additional 67,266 shares during the last quarter. National Bank of Canada FI raised its position in Cummins by 4.2% in the fourth quarter. National Bank of Canada FI now owns 81,344 shares of the company's stock valued at $28,359,000 after purchasing an additional 3,298 shares during the period. Franklin Resources Inc. lifted its stake in shares of Cummins by 74.2% in the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company's stock valued at $79,017,000 after purchasing an additional 99,464 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Cummins by 4.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 157,419 shares of the company's stock valued at $54,876,000 after acquiring an additional 6,107 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Barclays raised their price target on Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 5th. Truist Financial cut their target price 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. Robert W. Baird lowered their target price on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. Finally, Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $346.00.

Cummins Price Performance

Shares of CMI stock traded down $0.40 during mid-day trading on Friday, hitting $293.56. 576,426 shares of the stock traded hands, compared to its average volume of 805,761. The company's 50-day simple moving average is $318.12 and its 200-day simple moving average is $343.74. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The firm has a market cap of $40.44 billion, a price-to-earnings ratio of 10.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

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

Cummins Announces Dividend

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. 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 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.