Schroder Investment Management Group Acquires 69,285 Shares of Cummins Inc. (NYSE:CMI)

Schroder Investment Management Group lifted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 39.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 243,541 shares of the company's stock after purchasing an additional 69,285 shares during the quarter. Schroder Investment Management Group owned 0.18% of Cummins worth $84,852,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMI. FMR LLC increased its holdings in Cummins by 0.8% in the third quarter. FMR LLC now owns 1,175,096 shares of the company's stock worth $380,484,000 after purchasing an additional 9,245 shares in the last quarter. Townsquare Capital LLC raised its stake in shares of Cummins by 7.3% in the third quarter. Townsquare Capital LLC now owns 3,287 shares of the company's stock valued at $1,064,000 after buying an additional 223 shares during the period. CreativeOne Wealth LLC bought a new position in Cummins during the third quarter worth about $295,000. Fiduciary Trust Co grew its position in shares of Cummins by 26.3% in the third quarter. Fiduciary Trust Co now owns 2,428 shares of the company's stock valued at $786,000 after purchasing an additional 505 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its position in shares of Cummins by 6.4% during the third quarter. Rockefeller Capital Management L.P. now owns 57,242 shares of the company's stock valued at $18,532,000 after buying an additional 3,464 shares during the period. 83.46% of the stock is currently owned by institutional investors.

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Cummins Stock Performance

CMI traded down $17.53 during trading on Friday, reaching $277.82. 1,466,012 shares of the company were exchanged, compared to its average volume of 805,871. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The firm has a 50 day moving average of $345.89 and a 200 day moving average of $348.27. The stock has a market cap of $38.19 billion, a P/E ratio of 9.86, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate 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 period in the previous year, the company posted $4.14 EPS. Cummins'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 company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.62%. Cummins's dividend payout ratio is presently 25.84%.

Analyst Ratings Changes

Several research firms recently commented on CMI. UBS Group reduced their target price on Cummins from $432.00 to $400.00 and set a "buy" rating for the company in a research report on Tuesday, March 18th. Truist Financial boosted their target price on Cummins from $424.00 to $425.00 and gave the stock a "hold" rating in a report on Thursday, January 16th. Jefferies Financial Group raised their target price on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. JPMorgan Chase & Co. lowered their price objective 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, Evercore ISI lifted their price objective on shares of Cummins from $408.00 to $451.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 19th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target 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.