Cummins Inc. (NYSE:CMI) Position Increased by Choate Investment Advisors

Choate Investment Advisors raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 12.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 768 shares of the company’s stock after buying an additional 88 shares during the period. Choate Investment Advisors’ holdings in Cummins were worth $268,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Natixis Advisors LLC boosted its holdings in Cummins by 3.1% during the fourth quarter. Natixis Advisors LLC now owns 101,682 shares of the company’s stock worth $35,446,000 after buying an additional 3,017 shares in the last quarter. Frank Rimerman Advisors LLC grew its position in Cummins by 1.9% during the 4th quarter. Frank Rimerman Advisors LLC now owns 3,561 shares of the company’s stock worth $1,241,000 after purchasing an additional 67 shares in the last quarter. Poinciana Advisors Group LLC purchased a new position in Cummins during the 4th quarter worth approximately $247,000. Midwest Professional Planners LTD. grew its position in Cummins by 7.2% during the 4th quarter. Midwest Professional Planners LTD. now owns 10,836 shares of the company’s stock worth $3,777,000 after purchasing an additional 727 shares in the last quarter. Finally, Intact Investment Management Inc. purchased a new position in Cummins during the 4th quarter worth approximately $70,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CMI shares. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $355.00 to $420.00 in a research report on Monday, December 9th. Barclays lifted their price objective 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. Robert W. Baird boosted 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. Finally, Evercore ISI boosted their price target on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $392.64.

Cummins Trading Up 1.4 %

Shares of NYSE:CMI opened at $326.13 on Tuesday. The stock 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. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The firm has a fifty day moving average price of $358.75 and a 200 day moving average price of $347.28. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

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

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given 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 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.