Prudential Financial Inc. Trims Stake in Cummins Inc. (NYSE:CMI)

Prudential Financial Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 8.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 167,520 shares of the company’s stock after selling 16,055 shares during the period. Prudential Financial Inc.’s holdings in Cummins were worth $58,397,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Global Trust Asset Management LLC lifted its stake in shares of Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department purchased a new position in Cummins during the fourth quarter valued at $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter valued at $27,000. TCTC Holdings LLC bought a new stake in shares of Cummins during the 4th quarter valued at $28,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Cummins in the 4th quarter worth about $30,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. Barclays boosted their price objective on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. lowered their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. UBS Group cut their target price on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a research note on Tuesday, March 18th. Finally, Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $389.50.

Cummins Stock Performance

Shares of NYSE CMI opened at $331.02 on Tuesday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm’s 50-day moving average price is $355.39 and its 200-day moving average price is $347.98. Cummins Inc. has a 52-week low of $261.51 and a 52-week high of $387.90. The company has a market cap of $45.51 billion, a PE ratio of 11.75, a PEG ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion for 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%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter last year, the company posted $4.14 earnings per share. As a group, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current 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 issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is 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.