Cummins Inc. (NYSE:CMI) Shares Bought by Modera Wealth Management LLC

Modera Wealth Management LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 19.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,580 shares of the company’s stock after buying an additional 426 shares during the quarter. Modera Wealth Management LLC’s holdings in Cummins were worth $899,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Mariner Investment Group LLC bought a new stake in shares of Cummins in the 4th quarter worth about $1,046,000. Alpha DNA Investment Management LLC acquired a new position in Cummins in the third quarter worth about $748,000. Franklin Resources Inc. raised its stake in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares in the last quarter. Bank of Montreal Can raised its stake in Cummins by 21.2% during the third quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after buying an additional 68,627 shares in the last quarter. Finally, Hancock Whitney Corp lifted its holdings in Cummins by 545.1% during the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after buying an additional 32,642 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CMI shares. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Evercore ISI increased their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a report on Wednesday, February 19th. The Goldman Sachs Group lifted their price target on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Citigroup dropped their price objective on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, Barclays lifted their target price on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins Stock Performance

Shares of CMI stock opened at $355.81 on Tuesday. The business has a 50 day simple moving average of $362.41 and a 200 day simple moving average of $345.30. 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 firm has a market capitalization of $48.92 billion, a price-to-earnings ratio of 12.63, a price-to-earnings-growth ratio of 2.19 and a beta of 1.00. Cummins Inc. has a 12-month low of $260.88 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion for 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%. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same period last year, the company earned $4.14 earnings per share. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio is currently 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.