Vanguard Group Inc. Has $5.91 Billion Position in Cummins Inc. (NYSE:CMI)

Vanguard Group Inc. increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,961,646 shares of the company’s stock after buying an additional 250,650 shares during the period. Vanguard Group Inc. owned about 12.36% of Cummins worth $5,912,830,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CMI. Avior Wealth Management LLC boosted its position in Cummins by 44.9% during the 3rd quarter. Avior Wealth Management LLC now owns 342 shares of the company’s stock worth $111,000 after buying an additional 106 shares during the period. LPL Financial LLC boosted its position in Cummins by 6.1% during the 3rd quarter. LPL Financial LLC now owns 317,000 shares of the company’s stock worth $102,641,000 after buying an additional 18,294 shares during the period. Icon Wealth Advisors LLC boosted its position in Cummins by 16.0% during the 3rd quarter. Icon Wealth Advisors LLC now owns 1,540 shares of the company’s stock worth $499,000 after buying an additional 212 shares during the period. Great Valley Advisor Group Inc. boosted its position in Cummins by 3.2% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 2,839 shares of the company’s stock worth $920,000 after buying an additional 87 shares during the period. Finally, Cerity Partners LLC boosted its position in Cummins by 13.4% during the 3rd quarter. Cerity Partners LLC now owns 115,542 shares of the company’s stock worth $37,411,000 after buying an additional 13,660 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Jefferies Financial Group lifted their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial boosted their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research report on Friday, March 14th. Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Finally, Citigroup dropped their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Nine analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $389.50.

Cummins Stock Performance

NYSE:CMI opened at $321.78 on Monday. The company has a fifty day moving average of $355.99 and a 200-day moving average of $347.73. The firm has a market capitalization of $44.24 billion, a P/E ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business 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%. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.14 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. Cummins’s dividend payout ratio (DPR) is presently 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.