Cannon Advisors Inc. Sells 350 Shares of Cummins Inc. (NYSE:CMI)

Cannon Advisors Inc. lessened its stake in Cummins Inc. (NYSE:CMI) by 3.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 10,950 shares of the company’s stock after selling 350 shares during the period. Cummins comprises approximately 3.2% of Cannon Advisors Inc.’s portfolio, making the stock its 9th largest position. Cannon Advisors Inc.’s holdings in Cummins were worth $3,817,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC grew its holdings in shares of Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. KG&L Capital Management LLC lifted its position in Cummins by 0.8% during the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after acquiring an additional 28 shares during the period. Signaturefd LLC grew its stake in shares of Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock valued at $1,155,000 after purchasing an additional 28 shares during the last quarter. Massachusetts Wealth Management increased its holdings in shares of Cummins by 0.6% in the fourth quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after purchasing an additional 30 shares during the period. Finally, Avestar Capital LLC raised its stake in shares of Cummins by 3.2% during the fourth quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after purchasing an additional 31 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CMI. Robert W. Baird boosted their price objective 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. Truist Financial increased their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Evercore ISI lifted their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. StockNews.com downgraded Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. Finally, Citigroup decreased their price target on Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a research note on Monday. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cummins has an average rating of “Hold” and a consensus target price of $383.67.

Cummins Price Performance

Shares of NYSE CMI opened at $313.11 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $351.11 and its 200 day moving average price is $348.91. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The stock has a market cap of $43.05 billion, a price-to-earnings ratio of 11.11, a PEG ratio of 2.19 and a beta of 1.01.

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

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s payout ratio is currently 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.