Vanguard Group Inc. Purchases 250,650 Shares of Cummins Inc. (NYSE:CMI)

Vanguard Group Inc. lifted its position in Cummins Inc. (NYSE:CMI) by 1.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 16,961,646 shares of the company’s stock after acquiring an additional 250,650 shares during the quarter. Vanguard Group Inc. owned about 0.12% of Cummins worth $5,912,830,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Stevens Capital Management LP grew its stake in shares of Cummins by 57.7% in the 4th quarter. Stevens Capital Management LP now owns 2,198 shares of the company’s stock worth $766,000 after acquiring an additional 804 shares in the last quarter. LPL Financial LLC grew its stake in shares of Cummins by 5.6% in the 4th quarter. LPL Financial LLC now owns 334,662 shares of the company’s stock worth $116,663,000 after acquiring an additional 17,662 shares in the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of Cummins in the 4th quarter worth $40,717,000. Knights of Columbus Asset Advisors LLC grew its stake in shares of Cummins by 1.1% in the 4th quarter. Knights of Columbus Asset Advisors LLC now owns 35,092 shares of the company’s stock worth $12,233,000 after acquiring an additional 391 shares in the last quarter. Finally, Sfmg LLC purchased a new position in shares of Cummins in the 4th quarter worth about $327,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Citigroup cut their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. JPMorgan Chase & Co. cut their price target on shares of Cummins from $420.00 to $375.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Truist Financial boosted their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Finally, Barclays boosted their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $389.50.

Cummins Trading Down 1.1 %

Shares of CMI opened at $321.78 on Monday. The business’s 50-day moving average price is $355.99 and its 200-day moving average price is $347.73. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90. The stock has a market cap of $44.24 billion, a PE ratio of 11.42, a P/E/G ratio of 2.19 and a beta of 1.01. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.

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

Cummins Dividend Announcement

The business 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. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio 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.