Quent Capital LLC Acquires 33 Shares of Cummins Inc. (NYSE:CMI)

Quent Capital LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 620 shares of the company’s stock after purchasing an additional 33 shares during the period. Quent Capital LLC’s holdings in Cummins were worth $216,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Pathway Financial Advisers LLC lifted its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after acquiring an additional 972,247 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares during the last quarter. State Street Corp lifted its stake in shares of Cummins by 2.1% in 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 last quarter. Finally, abrdn plc lifted its stake in shares of Cummins by 22.5% in the 3rd quarter. abrdn plc now owns 611,810 shares of the company’s stock valued at $198,119,000 after acquiring an additional 112,529 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of Cummins stock opened at $364.08 on Thursday. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. The business has a 50-day moving average price of $361.68 and a two-hundred day moving average price of $337.74. Cummins Inc. has a 1-year low of $250.90 and a 1-year high of $387.90. The company has a market cap of $49.94 billion, a P/E ratio of 12.92, a PEG ratio of 2.10 and a beta of 1.00.

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. 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 the consensus estimate of $8.06 billion. During the same period last year, the business posted $4.14 EPS. The business’s revenue was down 1.1% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.00%. Cummins’s payout ratio is currently 25.84%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Citigroup dropped their price target on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Finally, The Goldman Sachs Group raised their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $383.08.

Insider Activity

In other news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.56% of the stock is currently owned by company insiders.

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.