Prudential Financial Inc. Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Prudential Financial Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 8.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 167,520 shares of the company's stock after selling 16,055 shares during the quarter. Prudential Financial Inc. owned 0.12% of Cummins worth $58,397,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC raised its stake in shares of Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after buying an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new position in Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc acquired a new stake in Cummins in the fourth quarter valued at $27,000. TCTC Holdings LLC purchased a new stake in shares of Cummins during the 4th quarter worth $28,000. Finally, SBI Securities Co. Ltd. acquired a new position in shares of Cummins during the 4th quarter worth $30,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. StockNews.com downgraded shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday. Robert W. Baird boosted their price target on Cummins from $395.00 to $407.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Bank of America raised Cummins from an "underperform" rating to a "neutral" rating and raised their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Finally, UBS Group dropped their price target on Cummins from $432.00 to $400.00 and set a "buy" rating for the company in a research report on Tuesday, March 18th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $389.50.

Cummins Price Performance

CMI stock traded down $9.99 during trading on Friday, hitting $313.45. The stock had a trading volume of 727,841 shares, compared to its average volume of 803,290. The stock has a market cap of $43.09 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. 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's 50 day moving average price is $352.17 and its two-hundred day moving average price is $348.41. 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 posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share 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 during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the previous year, the business posted $4.14 earnings per share. The company's revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date was Friday, February 21st. Cummins's dividend payout ratio is currently 25.84%.

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.