LPL Financial LLC Acquires 17,662 Shares of Cummins Inc. (NYSE:CMI)

LPL Financial LLC raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 334,662 shares of the company's stock after purchasing an additional 17,662 shares during the period. LPL Financial LLC owned 0.24% of Cummins worth $116,663,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in shares of Cummins in the fourth quarter worth approximately $187,082,000. Proficio Capital Partners LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $71,279,000. Amundi boosted its stake in shares of Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company's stock valued at $277,381,000 after purchasing an additional 188,254 shares during the last quarter. Fisher Asset Management LLC increased its position in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after buying an additional 165,398 shares during the period. Finally, State Street Corp raised its stake in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. cut their target price on Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 18th. Citigroup lowered their price objective on shares of Cummins from $435.00 to $430.00 and set a "buy" rating for the company in a research note on Tuesday, January 14th. Truist Financial increased their target price on shares of Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Robert W. Baird lifted their price target on shares of Cummins from $395.00 to $407.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. Finally, StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $389.50.

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Cummins Trading Down 0.8 %

Shares of NYSE:CMI traded down $2.60 on Thursday, hitting $325.43. The company had a trading volume of 316,609 shares, compared to its average volume of 759,257. The firm's 50-day simple moving average is $354.07 and its two-hundred day simple moving average is $348.10. The firm has a market capitalization of $44.74 billion, a price-to-earnings ratio of 11.55, a P/E/G ratio of 2.19 and a beta of 1.01. 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 Inc. has a 1 year low of $261.51 and a 1 year high of $387.90.

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 analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the firm posted $4.14 earnings per share. Equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal 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 issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's payout ratio is 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.