Mcdonald Partners LLC Purchases New Holdings in Cummins Inc. (NYSE:CMI)

Mcdonald Partners LLC bought a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,770 shares of the company's stock, valued at approximately $617,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pathway Financial Advisers LLC increased its position in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock worth $819,794,000 after buying an additional 2,523,854 shares during the period. International Assets Investment Management LLC increased its position in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company's stock worth $315,616,000 after buying an additional 972,247 shares during the period. Fisher Asset Management LLC grew its stake in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock valued at $973,174,000 after purchasing an additional 165,398 shares during the last quarter. State Street Corp grew its stake in shares of Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company's stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the last quarter. Finally, abrdn plc grew its stake in shares of Cummins by 22.5% in the 3rd quarter. abrdn plc now owns 611,810 shares of the company's stock valued at $198,119,000 after purchasing an additional 112,529 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on CMI. Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and lifted their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Jefferies Financial Group lifted their price target on Cummins from $410.00 to $435.00 and gave the company a "buy" rating in a research note on Friday, December 6th. Citigroup decreased their price target on Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research note on Tuesday, January 14th. Finally, Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and lifted their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $386.67.

Cummins Trading Down 4.6 %

Cummins stock traded down $17.60 during trading on Friday, hitting $366.79. The company's stock had a trading volume of 802,298 shares, compared to its average volume of 826,870. The stock has a market capitalization of $50.43 billion, a price-to-earnings ratio of 13.02, a P/E/G ratio of 2.20 and a beta of 1.00. The stock's fifty day moving average is $361.52 and its 200 day moving average is $341.12. Cummins Inc. has a 1-year low of $259.06 and a 1-year 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.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the business earned $4.14 earnings per share. The firm's quarterly revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts predict that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins's dividend payout ratio is currently 25.84%.

Cummins Company 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.