Royce & Associates LP Sells 1,500 Shares of Cummins Inc. (NYSE:CMI)

Royce & Associates LP trimmed its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 12.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,000 shares of the company's stock after selling 1,500 shares during the period. Royce & Associates LP's holdings in Cummins were worth $3,835,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Raymond James Financial Inc. bought a new position in Cummins during the fourth quarter valued at $187,082,000. Proficio Capital Partners LLC bought a new position in shares of Cummins in the fourth quarter worth $71,279,000. Amundi boosted its holdings in shares of Cummins by 32.3% in the fourth quarter. Amundi now owns 771,038 shares of the company's stock worth $277,381,000 after acquiring an additional 188,254 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% in the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company's stock worth $973,174,000 after acquiring an additional 165,398 shares during the period. Finally, State Street Corp boosted its holdings in shares of Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company's stock worth $2,039,894,000 after acquiring an additional 126,703 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Jefferies Financial Group raised their price target on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Bank of America upgraded Cummins from an "underperform" rating to a "neutral" rating and increased their price objective for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a research report on Tuesday, January 14th. Evercore ISI increased their price objective on Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Finally, Truist Financial increased their price objective on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a research report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $389.50.

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Cummins Price Performance

NYSE CMI traded down $3.62 during trading hours on Friday, reaching $321.78. 1,244,157 shares of the stock traded hands, compared to its average volume of 766,424. The stock has a 50 day simple moving average of $355.99 and a two-hundred day simple moving average of $347.41. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company has a market cap of $44.24 billion, a price-to-earnings ratio of 11.42, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $8.06 billion. During the same period last year, the firm earned $4.14 earnings per share. The company's revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.26%. Cummins's dividend payout ratio (DPR) 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.