Linscomb Wealth Inc. Purchases 79 Shares of Cummins Inc. (NYSE:CMI)

Linscomb Wealth Inc. grew its position in shares of Cummins Inc. (NYSE:CMI) by 0.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,467 shares of the company’s stock after acquiring an additional 79 shares during the quarter. Cummins comprises 0.7% of Linscomb Wealth Inc.’s holdings, making the stock its 19th largest holding. Linscomb Wealth Inc.’s holdings in Cummins were worth $13,410,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Cummins by 7.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 17,355 shares of the company’s stock valued at $5,619,000 after buying an additional 1,236 shares in the last quarter. Pallas Capital Advisors LLC bought a new stake in shares of Cummins during the third quarter worth about $292,000. First Trust Direct Indexing L.P. raised its holdings in shares of Cummins by 12.1% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,711 shares of the company’s stock worth $1,849,000 after acquiring an additional 618 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Cummins by 1.6% in the 3rd quarter. Pinnacle Associates Ltd. now owns 36,524 shares of the company’s stock valued at $11,826,000 after acquiring an additional 576 shares in the last quarter. Finally, Cornerstone Wealth Group LLC boosted its stake in Cummins by 0.5% during the 3rd quarter. Cornerstone Wealth Group LLC now owns 34,785 shares of the company’s stock valued at $11,263,000 after purchasing an additional 187 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on CMI shares. Barclays increased their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Citigroup lowered their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. The Goldman Sachs Group lifted their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $386.67.

Cummins Stock Performance

Shares of CMI stock opened at $364.35 on Friday. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90. The firm’s 50-day simple moving average is $361.99 and its two-hundred day simple moving average is $343.63. The firm has a market cap of $50.09 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 2.19 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping 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 company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same quarter in the previous year, the firm posted $4.14 EPS. Cummins’s revenue was down 1.1% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.00%. Cummins’s payout ratio is 25.84%.

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.