Harvest Fund Management Co. Ltd purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,184 shares of the company's stock, valued at approximately $413,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vinva Investment Management Ltd raised its holdings in shares of Cummins by 3.0% in the fourth quarter. Vinva Investment Management Ltd now owns 5,850 shares of the company's stock valued at $2,038,000 after purchasing an additional 169 shares during the last quarter. North Forty Two & Co. bought a new stake in Cummins during the 4th quarter worth about $503,000. Enhancing Capital LLC acquired a new position in shares of Cummins during the 4th quarter worth about $2,451,000. Xponance Inc. grew its holdings in shares of Cummins by 18.3% in the 4th quarter. Xponance Inc. now owns 22,570 shares of the company's stock valued at $7,868,000 after acquiring an additional 3,497 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at about $980,000. 83.46% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CMI has been the subject of a number of analyst reports. StockNews.com downgraded Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday. Evercore ISI boosted their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Robert W. Baird upped their target price on shares of Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. Finally, Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of "Hold" and an average target price of $389.50.
Check Out Our Latest Report on CMI
Cummins Stock Performance
Shares of CMI stock traded down $2.79 on Wednesday, hitting $328.08. The company's stock had a trading volume of 562,157 shares, compared to its average volume of 895,241. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The company has a market capitalization of $45.11 billion, a PE ratio of 11.65, a PEG ratio of 2.19 and a beta of 1.01. The stock's 50 day moving average is $354.72 and its 200-day moving average is $348.24. 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 earnings results 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. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the business posted $4.14 EPS. The business's revenue was down 1.1% compared to the same quarter last year. Equities research analysts expect 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 issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.22%. Cummins's dividend payout ratio is presently 25.84%.
About Cummins
(
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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