Guggenheim Capital LLC Cuts Stock Holdings in Cummins Inc. (NYSE:CMI)

Guggenheim Capital LLC lessened its position in Cummins Inc. (NYSE:CMI) by 5.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 100,218 shares of the company’s stock after selling 5,565 shares during the quarter. Guggenheim Capital LLC’s holdings in Cummins were worth $34,936,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CMI. Chiron Investment Management LLC lifted its holdings in Cummins by 1,741.9% in the 4th quarter. Chiron Investment Management LLC now owns 11,070 shares of the company’s stock valued at $3,859,000 after purchasing an additional 10,469 shares in the last quarter. Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in shares of Cummins in the fourth quarter valued at about $5,782,000. Canada Post Corp Registered Pension Plan purchased a new position in shares of Cummins in the fourth quarter worth about $7,869,000. XTX Topco Ltd purchased a new position in shares of Cummins in the fourth quarter worth about $773,000. Finally, CreativeOne Wealth LLC boosted its position in Cummins by 5.9% during the fourth quarter. CreativeOne Wealth LLC now owns 966 shares of the company’s stock worth $337,000 after acquiring an additional 54 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.8 %

Shares of CMI opened at $288.10 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The firm has a market cap of $39.68 billion, a P/E ratio of 10.23, a price-to-earnings-growth ratio of 2.19 and a beta of 1.07. The company’s 50-day moving average price is $333.97 and its 200 day moving average price is $346.72. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $387.90.

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

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given 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 dividend yield of 2.53%. Cummins’s dividend payout ratio is currently 25.84%.

Wall Street Analyst Weigh In

A number of research firms have commented on CMI. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup cut their price target on Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a report on Tuesday, April 8th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. Truist Financial dropped their target price on Cummins from $420.00 to $338.00 and set a “hold” rating for the company in a report on Tuesday, April 8th. Finally, StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. One 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $354.17.

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.