Madison Investment Advisors LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 31,062 shares of the company's stock, valued at approximately $10,828,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Global Trust Asset Management LLC boosted its position in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after purchasing an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new position in shares of Cummins in the fourth quarter worth approximately $26,000. Compass Financial Services Inc bought a new stake in Cummins during the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. purchased a new stake in Cummins during the fourth quarter valued at approximately $30,000. Finally, Prospera Private Wealth LLC purchased a new position in shares of Cummins during the 3rd quarter worth $32,000. 83.46% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
CMI has been the subject of several analyst reports. UBS Group reduced their price objective on Cummins from $432.00 to $400.00 and set a "buy" rating for the company in a research note on Tuesday, March 18th. Evercore ISI raised their price objective on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. cut their price objective on Cummins from $420.00 to $375.00 and set a "neutral" rating for the company in a research note on Tuesday, March 18th. 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 report on Thursday, January 16th. Finally, StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research report on Tuesday. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $389.50.
Check Out Our Latest Report on CMI
Cummins Price Performance
Shares of NYSE:CMI traded down $2.79 on Wednesday, reaching $328.08. The company's stock had a trading volume of 562,156 shares, compared to its average volume of 761,872. The company has a 50-day simple moving average of $354.72 and a 200 day simple moving average of $348.24. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a market cap of $45.11 billion, a P/E ratio of 11.65, a PEG ratio of 2.19 and a beta of 1.01.
Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm's revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.14 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.
Cummins Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's dividend payout ratio is currently 25.84%.
Cummins Company Profile
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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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