SouthState Corp Increases Stake in Cummins Inc. (NYSE:CMI)

SouthState Corp increased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 384.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,260 shares of the company's stock after acquiring an additional 1,000 shares during the period. SouthState Corp's holdings in Cummins were worth $439,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Global Trust Asset Management LLC lifted its position in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after purchasing an additional 28 shares during the last quarter. KG&L Capital Management LLC increased its stake in shares of Cummins by 0.8% during the fourth quarter. KG&L Capital Management LLC now owns 3,749 shares of the company's stock valued at $1,296,000 after buying an additional 28 shares during the period. Massachusetts Wealth Management raised its holdings in shares of Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company's stock valued at $1,677,000 after acquiring an additional 30 shares in the last quarter. Avestar Capital LLC lifted its stake in Cummins by 3.2% in the fourth quarter. Avestar Capital LLC now owns 987 shares of the company's stock worth $344,000 after acquiring an additional 31 shares during the period. Finally, Mayflower Financial Advisors LLC grew its holdings in Cummins by 2.0% during the 4th quarter. Mayflower Financial Advisors LLC now owns 1,631 shares of the company's stock worth $568,000 after acquiring an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

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Analysts Set New Price Targets

CMI has been the topic of a number of recent research reports. Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Citigroup cut their price target on Cummins from $435.00 to $430.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. UBS Group decreased their price objective on Cummins from $432.00 to $400.00 and set a "buy" rating for the company in a research note on Tuesday. JPMorgan Chase & Co. cut their target price on Cummins from $420.00 to $375.00 and set a "neutral" rating on the stock in a research note on Tuesday. Finally, Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and increased their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $389.50.

Cummins Stock Performance

Shares of NYSE:CMI traded down $3.62 on Friday, hitting $321.78. 1,244,157 shares of the company were exchanged, compared to its average volume of 907,758. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock's 50 day moving average price is $356.66 and its 200 day moving average price is $347.05. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The firm has a market capitalization of $44.24 billion, a P/E 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 posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the previous year, the business earned $4.14 EPS. The company's quarterly revenue was down 1.1% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.26%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is 25.84%.

Cummins Company Profile

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.