Cummins Inc. (NYSE:CMI) Stock Holdings Decreased by Fiduciary Group LLC

Fiduciary Group LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 6.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 5,071 shares of the company’s stock after selling 358 shares during the period. Fiduciary Group LLC’s holdings in Cummins were worth $1,768,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CMI. Raymond James Financial Inc. bought a new stake in shares of Cummins in the 4th quarter worth about $187,082,000. Proficio Capital Partners LLC bought a new stake in shares of Cummins in the 4th quarter worth about $71,279,000. Amundi increased its position in shares of Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company’s stock worth $277,381,000 after purchasing an additional 188,254 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares during the last quarter. Finally, State Street Corp grew its position in shares of Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CMI shares. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial boosted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Finally, Robert W. Baird boosted their target price on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $389.50.

Cummins Trading Up 1.5 %

Shares of NYSE:CMI opened at $327.24 on Thursday. The company has a 50 day moving average of $357.35 and a 200-day moving average of $347.20. The firm has a market cap of $44.99 billion, a P/E ratio of 11.62, a P/E/G ratio of 2.19 and a beta of 1.01. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. 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 (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the prior year, the business posted $4.14 EPS. As a group, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio 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.