Hickory Point Bank & Trust Acquires Shares of 1,737 Cummins Inc. (NYSE:CMI)

Hickory Point Bank & Trust purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,737 shares of the company's stock, valued at approximately $606,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Providence First Trust Co acquired a new stake in shares of Cummins during the fourth quarter valued at $35,000. Williamson Legacy Group LLC acquired a new position in shares of Cummins in the 4th quarter valued at about $1,037,000. Noble Wealth Management PBC purchased a new stake in Cummins during the fourth quarter worth approximately $73,000. Fisher Asset Management LLC lifted its stake in shares of Cummins by 2.2% during the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company's stock worth $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. Finally, Noesis Capital Mangement Corp boosted its position in shares of Cummins by 0.3% in the fourth quarter. Noesis Capital Mangement Corp now owns 35,948 shares of the company's stock worth $12,531,000 after buying an additional 125 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of CMI traded down $0.32 during trading hours on Wednesday, reaching $347.00. 1,309,957 shares of the company's stock traded hands, compared to its average volume of 844,696. The firm has a market capitalization of $47.71 billion, a price-to-earnings ratio of 12.32, a P/E/G ratio of 2.19 and a beta of 1.00. The business's fifty day simple moving average is $362.28 and its two-hundred day simple moving average is $345.62. Cummins Inc. has a twelve month low of $260.88 and a twelve month high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

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Cummins (NYSE:CMI - Get Free Report) last released 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. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company earned $4.14 earnings per share. Analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Friday, February 21st. Cummins's payout ratio is 25.84%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CMI. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and upped their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. StockNews.com lowered shares of Cummins from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 6th. Jefferies Financial Group lifted their target price on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Evercore ISI increased their price target on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. Finally, JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and lifted their price objective for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cummins has a consensus rating of "Hold" and a consensus price target of $386.67.

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.