NEOS Investment Management LLC Boosts Stake in Cummins Inc. (NYSE:CMI)

NEOS Investment Management LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 26.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 5,963 shares of the company’s stock after acquiring an additional 1,239 shares during the quarter. NEOS Investment Management LLC’s holdings in Cummins were worth $2,079,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in Cummins during the fourth quarter worth about $187,082,000. Vanguard Group Inc. lifted its holdings in shares of Cummins by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in Cummins in the 4th quarter valued at approximately $71,279,000. Amundi raised its position in Cummins by 32.3% in the fourth quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after purchasing an additional 188,254 shares during the period. Finally, State Street Corp lifted its stake in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of CMI stock opened at $313.45 on Friday. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. 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 company has a market cap of $43.09 billion, a P/E ratio of 11.13, a PEG ratio of 2.19 and a beta of 1.01. The firm has a fifty day moving average price of $352.17 and a 200 day moving average price of $348.05.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 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 return on equity of 27.12% and a net margin of 11.57%. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.14 EPS. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CMI shares. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Truist Financial lifted their price objective on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Evercore ISI upped their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Finally, StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday. Nine investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $389.50.

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.