Commonwealth Equity Services LLC Has $24.25 Million Stock Position in Cummins Inc. (NYSE:CMI)

Commonwealth Equity Services LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 69,567 shares of the company’s stock after purchasing an additional 1,972 shares during the period. Commonwealth Equity Services LLC’s holdings in Cummins were worth $24,251,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CMI. Global Trust Asset Management LLC grew its position in shares of Cummins by 59.6% during the 4th 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 period. BankPlus Trust Department bought a new position in Cummins during the 4th quarter worth approximately $26,000. Compass Financial Services Inc bought a new position in Cummins during the 4th quarter worth approximately $27,000. SBI Securities Co. Ltd. acquired a new position in Cummins during the fourth quarter valued at approximately $30,000. Finally, Prospera Private Wealth LLC bought a new stake in Cummins in the third quarter valued at approximately $32,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Jefferies Financial Group increased their price target on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Barclays lifted their price objective on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Truist Financial lifted their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $392.64.

Cummins Trading Up 3.0 %

Shares of NYSE:CMI opened at $322.24 on Monday. The stock has a market capitalization of $44.30 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company’s 50-day moving average price is $359.39 and its two-hundred day moving average price is $347.16. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a one year low of $261.51 and a one year high of $387.90.

Cummins (NYSE:CMI) last issued 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. The firm had revenue of $8.45 billion during the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.14 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

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.