Hoey Investments Inc. Increases Holdings in Cummins Inc. (NYSE:CMI)

Hoey Investments Inc. increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 1,034.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,430 shares of the company's stock after purchasing an additional 1,304 shares during the quarter. Hoey Investments Inc.'s holdings in Cummins were worth $498,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. FMR LLC raised its position in shares of Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company's stock worth $380,484,000 after acquiring an additional 9,245 shares in the last quarter. Townsquare Capital LLC lifted its position in shares of Cummins by 7.3% during the 3rd quarter. Townsquare Capital LLC now owns 3,287 shares of the company's stock valued at $1,064,000 after acquiring an additional 223 shares during the period. CreativeOne Wealth LLC bought a new position in Cummins during the third quarter worth $295,000. Fiduciary Trust Co increased its stake in Cummins by 26.3% in the third quarter. Fiduciary Trust Co now owns 2,428 shares of the company's stock valued at $786,000 after purchasing an additional 505 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its holdings in shares of Cummins by 6.4% during the third quarter. Rockefeller Capital Management L.P. now owns 57,242 shares of the company's stock valued at $18,532,000 after purchasing an additional 3,464 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on CMI shares. Robert W. Baird increased their price target on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a report on Wednesday, February 5th. 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. Barclays upped their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Finally, Evercore ISI lifted their target price on Cummins from $408.00 to $451.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $383.67.

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Cummins Stock Performance

Shares of CMI traded down $13.76 during mid-day trading on Friday, hitting $281.59. The stock had a trading volume of 615,009 shares, compared to its average volume of 897,019. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The business has a fifty day moving average price of $347.69 and a 200-day moving average price of $348.43. The firm has a market cap of $38.71 billion, a P/E ratio of 9.99, a PEG ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI - Get Free Report) last released 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 company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins's revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the firm earned $4.14 EPS. On average, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.59%. Cummins's dividend payout ratio (DPR) is currently 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.