Covestor Ltd Sells 82 Shares of Cummins Inc. (NYSE:CMI)

Covestor Ltd cut its holdings in Cummins Inc. (NYSE:CMI) by 19.4% during the 4th quarter, Holdings Channel reports. The firm owned 341 shares of the company’s stock after selling 82 shares during the period. Covestor Ltd’s holdings in Cummins were worth $119,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after purchasing an additional 250,650 shares in the last quarter. Geode Capital Management LLC raised its stake in Cummins by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after buying an additional 84,112 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after buying an additional 66,887 shares during the period. Norges Bank bought a new stake in Cummins during the 4th quarter valued at approximately $499,490,000. Finally, FMR LLC grew its holdings in shares of Cummins by 5.7% during the 4th quarter. FMR LLC now owns 1,242,362 shares of the company’s stock worth $433,087,000 after acquiring an additional 67,266 shares during the period. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of several research reports. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Truist Financial reduced their target price on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a research report on Tuesday, April 8th. Evercore ISI lifted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Robert W. Baird upped their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Finally, UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and lowered their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $354.17.

Cummins Stock Up 1.5 %

CMI stock opened at $286.00 on Friday. The stock has a market capitalization of $39.40 billion, a P/E ratio of 10.15, a P/E/G ratio of 2.19 and a beta of 1.07. 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 1-year low of $260.02 and a 1-year high of $387.90. The business has a fifty day moving average price of $335.61 and a 200-day moving average price of $346.83.

Cummins (NYSE:CMI) last issued 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 during 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%. Cummins’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.14 EPS. Equities analysts forecast 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. Shareholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Cummins 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.