Neuberger Berman Group LLC Acquires 233,694 Shares of Cummins Inc. (NYSE:CMI)

Neuberger Berman Group LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 57.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 643,482 shares of the company’s stock after buying an additional 233,694 shares during the period. Neuberger Berman Group LLC’s holdings in Cummins were worth $224,317,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of CMI. Global Trust Asset Management LLC increased its position in shares of 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 purchasing an additional 28 shares in the last quarter. BankPlus Trust Department purchased a new stake in shares of Cummins during the fourth quarter valued at $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the fourth quarter valued at $27,000. Meeder Asset Management Inc. grew its holdings in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after buying an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC purchased a new stake in shares of Cummins during the fourth quarter valued at $28,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Evercore ISI boosted their price objective on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Truist Financial lowered their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research note on Tuesday. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and reduced their price target for the stock from $400.00 to $240.00 in a research report on Monday. Finally, Barclays upped their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $359.75.

Cummins Stock Performance

Shares of CMI stock opened at $296.51 on Thursday. Cummins Inc. has a one year low of $260.02 and a one year 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 company has a 50 day moving average price of $338.50 and a 200 day moving average price of $347.35. The firm has a market capitalization of $40.84 billion, a price-to-earnings ratio of 10.53, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The company had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the previous year, the firm earned $4.14 earnings per share. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently declared 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 2.46%. The ex-dividend date of this dividend was Friday, February 21st. 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.