Prudential Financial Inc. Sells 16,055 Shares of Cummins Inc. (NYSE:CMI)

Prudential Financial Inc. lowered its stake in Cummins Inc. (NYSE:CMI) by 8.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 167,520 shares of the company’s stock after selling 16,055 shares during the quarter. Prudential Financial Inc. owned approximately 0.12% of Cummins worth $58,397,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Corebridge Financial Inc. grew its stake in Cummins by 2.2% during the fourth quarter. Corebridge Financial Inc. now owns 34,764 shares of the company’s stock valued at $12,119,000 after acquiring an additional 739 shares in the last quarter. Congress Wealth Management LLC DE boosted its holdings in Cummins by 74.1% in the 4th quarter. Congress Wealth Management LLC DE now owns 1,419 shares of the company’s stock valued at $495,000 after purchasing an additional 604 shares during the period. Crowley Wealth Management Inc. purchased a new position in shares of Cummins during the 4th quarter valued at $1,042,000. Vanguard Group Inc. increased its holdings in shares of Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares during the period. Finally, Stevens Capital Management LP raised its position in shares of Cummins by 57.7% in the fourth quarter. Stevens Capital Management LP now owns 2,198 shares of the company’s stock worth $766,000 after buying an additional 804 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 2.8 %

NYSE CMI opened at $331.02 on Tuesday. The stock has a 50-day moving average of $355.39 and a 200-day moving average of $347.98. 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 Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The firm has a market cap of $45.51 billion, a PE ratio of 11.75, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

Several research firms recently commented on CMI. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. JPMorgan Chase & Co. decreased their price objective on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 18th. Truist Financial raised their target price on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday. Nine equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $389.50.

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.