Russell Investments Group Ltd. Sells 35,339 Shares of Cummins Inc. (NYSE:CMI)

Russell Investments Group Ltd. cut its holdings in Cummins Inc. (NYSE:CMI) by 13.6% during the fourth quarter, HoldingsChannel reports. The firm owned 223,927 shares of the company’s stock after selling 35,339 shares during the period. Russell Investments Group Ltd.’s holdings in Cummins were worth $78,061,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Global Trust Asset Management LLC increased its position in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department acquired a new stake in shares of Cummins in the fourth quarter worth $26,000. Compass Financial Services Inc bought a new position in Cummins during the fourth quarter worth $27,000. Meeder Asset Management Inc. raised its stake in Cummins by 208.0% during the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC bought a new stake in Cummins in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI opened at $277.82 on Friday. The business has a fifty day moving average of $345.89 and a 200-day moving average of $348.60. The firm has a market cap of $38.19 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. Cummins Inc. has a twelve month low of $261.51 and a twelve month high of $387.90.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.62%. Cummins’s payout ratio is 25.84%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Barclays upped their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup decreased their price objective on Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a report on Monday, March 31st. UBS Group reduced their target price on Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Truist Financial boosted their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Finally, StockNews.com lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, March 25th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $383.67.

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.