NEOS Investment Management LLC Grows Position in Cummins Inc. (NYSE:CMI)

NEOS Investment Management LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 26.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,963 shares of the company’s stock after purchasing an additional 1,239 shares during the quarter. NEOS Investment Management LLC’s holdings in Cummins were worth $2,079,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CMI. Vanguard Group Inc. increased its holdings in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares in the last quarter. 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 acquiring an additional 126,703 shares during the period. Fisher Asset Management LLC increased its stake in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock valued at $1,071,059,000 after purchasing an additional 66,887 shares in the last quarter. FMR LLC raised its holdings in Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Cummins by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock valued at $342,244,000 after purchasing an additional 120,579 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 3.1 %

CMI opened at $313.45 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The company’s 50 day simple moving average is $352.17 and its two-hundred day simple moving average is $348.05. The firm has a market capitalization of $43.09 billion, a price-to-earnings ratio of 11.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $4.14 earnings per share. Analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Jefferies Financial Group upped their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Truist Financial upped their price objective 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. UBS Group dropped their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research report on Tuesday, March 18th. Barclays boosted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Robert W. Baird raised their price target 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 equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $389.50.

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.