TCTC Holdings LLC Purchases New Position in Cummins Inc. (NYSE:CMI)

TCTC Holdings LLC purchased a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 79 shares of the company’s stock, valued at approximately $28,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC lifted its stake in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after buying an additional 28 shares during the last quarter. BankPlus Trust Department purchased a new stake in Cummins in the fourth quarter valued at approximately $26,000. Compass Financial Services Inc purchased a new stake in Cummins in the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. purchased a new stake in Cummins in the fourth quarter valued at approximately $30,000. Finally, Prospera Private Wealth LLC purchased a new stake in Cummins in the third quarter valued at approximately $32,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 1.4 %

Shares of CMI stock opened at $326.13 on Tuesday. The business’s fifty day moving average price is $358.75 and its 200 day moving average price is $347.28. Cummins Inc. has a 1-year low of $261.51 and a 1-year high of $387.90. The firm has a market capitalization of $44.84 billion, a PE ratio of 11.58, a P/E/G 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.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the company posted $4.14 earnings per share. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CMI shares. Evercore ISI boosted their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Barclays upped their price target on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Finally, Robert W. Baird upped their price target on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $392.64.

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.