NewEdge Advisors LLC Has $10.59 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

NewEdge Advisors LLC raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 36.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,375 shares of the company's stock after acquiring an additional 8,106 shares during the quarter. NewEdge Advisors LLC's holdings in Cummins were worth $10,589,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Insigneo Advisory Services LLC acquired a new position in Cummins in the fourth quarter valued at approximately $216,000. Evergreen Capital Management LLC lifted its holdings in shares of Cummins by 3.6% in the 4th quarter. Evergreen Capital Management LLC now owns 24,823 shares of the company's stock worth $8,653,000 after purchasing an additional 859 shares during the last quarter. Jump Financial LLC acquired a new position in Cummins during the 4th quarter valued at approximately $1,009,000. AGP Franklin LLC bought a new position in Cummins during the 4th quarter worth $244,000. Finally, Chiron Investment Management LLC increased its position in Cummins by 1,741.9% in the fourth quarter. Chiron Investment Management LLC now owns 11,070 shares of the company's stock worth $3,859,000 after buying an additional 10,469 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Cummins stock traded up $7.29 during mid-day trading on Wednesday, hitting $286.40. The company's stock had a trading volume of 241,172 shares, compared to its average volume of 804,255. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The stock's fifty day moving average price is $323.22 and its two-hundred day moving average price is $344.66. The stock has a market capitalization of $39.45 billion, a P/E ratio of 10.17, a P/E/G ratio of 2.19 and a beta of 1.07. 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 (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same period in the previous year, the firm earned $4.14 earnings per share. Cummins's revenue for the quarter was down 1.1% compared to the same quarter last year. Research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and lowered their price target for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Truist Financial decreased their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. cut their target price on Cummins from $375.00 to $308.00 and set a "neutral" rating on the stock in a research note on Friday, April 11th. Finally, Citigroup decreased their price target on Cummins from $360.00 to $320.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $346.00.

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.