Westpac Banking Corp Has $4.90 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Westpac Banking Corp lessened its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,046 shares of the company's stock after selling 1,160 shares during the period. Westpac Banking Corp's holdings in Cummins were worth $4,896,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC raised its stake in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock valued at $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department purchased a new position in shares of Cummins during the fourth quarter valued at $26,000. Compass Financial Services Inc acquired a new position in Cummins during the fourth quarter valued at $27,000. Meeder Asset Management Inc. lifted its stake in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after acquiring an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new stake in shares of Cummins in the fourth quarter worth approximately $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of NYSE:CMI traded up $0.71 during midday trading on Tuesday, hitting $276.38. The company's stock had a trading volume of 279,445 shares, compared to its average volume of 807,388. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. 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 stock has a market capitalization of $38.07 billion, a price-to-earnings ratio of 9.79, a PEG ratio of 2.19 and a beta of 1.07. The stock's 50 day simple moving average is $344.43 and its 200 day simple moving average is $348.70.

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Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping 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 company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the previous year, the business posted $4.14 EPS. The company's revenue for the quarter was down 1.1% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors 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 2.63%. The ex-dividend date was Friday, February 21st. Cummins's payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered 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, March 18th. Truist Financial reduced their target price on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday. StockNews.com lowered shares of Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. Bank of America raised shares of Cummins from an "underperform" rating to a "neutral" rating and lifted their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and lowered their target price for the stock from $400.00 to $240.00 in a research report on Monday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $363.08.

Cummins 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.