3,911 Shares in Cummins Inc. (NYSE:CMI) Acquired by Kennondale Capital Management LLC

Kennondale Capital Management LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,911 shares of the company’s stock, valued at approximately $1,364,000. Cummins makes up 1.1% of Kennondale Capital Management LLC’s holdings, making the stock its 24th biggest holding.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC lifted its position in 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 in the last quarter. BankPlus Trust Department purchased a new position in Cummins during the fourth quarter worth approximately $26,000. Compass Financial Services Inc acquired a new stake in Cummins during the fourth quarter worth $27,000. TCTC Holdings LLC acquired a new stake in Cummins during the fourth quarter worth $28,000. Finally, SBI Securities Co. Ltd. acquired a new stake in Cummins during the fourth quarter worth $30,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several recent analyst reports. Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Evercore ISI raised their target price on Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Jefferies Financial Group raised their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Truist Financial lifted their price objective on 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. According to MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $392.64.

Cummins Trading Up 1.4 %

CMI opened at $326.13 on Tuesday. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. The stock has a market capitalization of $44.84 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. The business has a fifty day moving average price of $358.75 and a 200 day moving average price of $347.28.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $8.06 billion. During the same period in the previous year, the firm posted $4.14 EPS. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.23%. Cummins’s payout ratio 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.