Forvis Mazars Wealth Advisors LLC Sells 376 Shares of Cummins Inc. (NYSE:CMI)

Forvis Mazars Wealth Advisors LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 4.0% during the fourth quarter, Holdings Channel reports. The firm owned 9,060 shares of the company’s stock after selling 376 shares during the quarter. Forvis Mazars Wealth Advisors LLC’s holdings in Cummins were worth $3,158,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Assenagon Asset Management S.A. grew its position in shares of Cummins by 164.2% during the third quarter. Assenagon Asset Management S.A. now owns 13,974 shares of the company’s stock valued at $4,525,000 after purchasing an additional 8,685 shares in the last quarter. Ballentine Partners LLC boosted its stake in Cummins by 19.6% during the third quarter. Ballentine Partners LLC now owns 2,379 shares of the company’s stock valued at $770,000 after buying an additional 390 shares during the last quarter. Allworth Financial LP grew its holdings in Cummins by 11.4% during the 3rd quarter. Allworth Financial LP now owns 2,756 shares of the company’s stock valued at $892,000 after buying an additional 282 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Cummins by 7.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,701 shares of the company’s stock worth $3,819,000 after acquiring an additional 851 shares during the last quarter. Finally, PFG Investments LLC raised its holdings in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after acquiring an additional 485 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Jefferies Financial Group raised their target price on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Finally, JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $386.67.

Cummins Price Performance

Shares of CMI stock opened at $366.79 on Monday. The stock has a 50 day moving average price of $361.51 and a 200 day moving average price of $342.40. Cummins Inc. has a 52-week low of $259.06 and a 52-week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The firm has a market capitalization of $50.43 billion, a P/E ratio of 13.02, a P/E/G ratio of 2.19 and a beta of 1.00.

Cummins (NYSE:CMI) last released its 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. The business had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted $4.14 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 1.98%. Cummins’s dividend payout ratio (DPR) is 25.84%.

About Cummins

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.