Cummins Inc. (NYSE:CMI) Shares Acquired by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 296.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,841 shares of the company’s stock after buying an additional 8,851 shares during the period. Concurrent Investment Advisors LLC’s holdings in Cummins were worth $4,128,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Pathway Financial Advisers LLC lifted its stake in Cummins by 31,489.1% in the 3rd 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 in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares during the last quarter. Fisher Asset Management LLC lifted its position in Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares in the last quarter. State Street Corp lifted its position in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Finally, abrdn plc boosted its stake in Cummins by 22.5% during the third quarter. abrdn plc now owns 611,810 shares of the company’s stock worth $198,119,000 after buying an additional 112,529 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 0.3 %

Shares of NYSE CMI opened at $384.73 on Friday. 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 stock has a market capitalization of $52.89 billion, a PE ratio of 13.66, a PEG ratio of 2.16 and a beta of 1.00. Cummins Inc. has a twelve month low of $259.06 and a twelve month high of $387.90. The stock has a fifty day simple moving average of $361.52 and a 200-day simple moving average of $341.12.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during 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%. Cummins’s revenue was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $4.14 EPS. On average, equities analysts forecast that Cummins Inc. will post 22.57 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Friday, February 21st will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Analyst Ratings Changes

Several research firms have recently commented on CMI. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. StockNews.com downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, Citigroup lowered their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $386.67.

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.