New Age Alpha Advisors LLC Takes Position in Cummins Inc. (NYSE:CMI)

New Age Alpha Advisors LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 8,596 shares of the company's stock, valued at approximately $2,997,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Norges Bank acquired a new position in Cummins in the 4th quarter valued at about $499,490,000. Blair William & Co. IL increased its stake in shares of Cummins by 2.6% during the fourth quarter. Blair William & Co. IL now owns 43,183 shares of the company's stock worth $15,054,000 after purchasing an additional 1,108 shares during the period. Loomis Sayles & Co. L P lifted its holdings in Cummins by 3.3% during the 4th quarter. Loomis Sayles & Co. L P now owns 707,164 shares of the company's stock worth $246,517,000 after purchasing an additional 22,271 shares during the last quarter. NEOS Investment Management LLC boosted its stake in Cummins by 26.2% in the 4th quarter. NEOS Investment Management LLC now owns 5,963 shares of the company's stock valued at $2,079,000 after purchasing an additional 1,239 shares during the period. Finally, UniSuper Management Pty Ltd grew its holdings in Cummins by 19.0% in the 4th quarter. UniSuper Management Pty Ltd now owns 10,774 shares of the company's stock valued at $3,756,000 after buying an additional 1,722 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 7.6 %

Shares of NYSE CMI traded down $24.18 during midday trading on Thursday, reaching $295.81. The stock had a trading volume of 319,222 shares, compared to its average volume of 802,215. The company's 50 day moving average price is $349.15 and its 200 day moving average price is $348.80. 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 Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The firm has a market cap of $40.67 billion, a price-to-earnings ratio of 10.50, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts' consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.45 billion for the quarter, compared to analysts' expectations of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 earnings per share. The business's quarterly revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders 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 2.46%. The ex-dividend date of this dividend was Friday, February 21st. Cummins's payout ratio is 25.84%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Truist Financial boosted their target price on shares of Cummins from $424.00 to $425.00 and gave the company a "hold" rating in a research report on Thursday, January 16th. Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Bank of America upgraded shares of 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 report on Tuesday, January 14th. JPMorgan Chase & Co. reduced their price target on Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 18th. Finally, Barclays raised their target price on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $383.67.

About Cummins

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.