Verus Capital Partners LLC Trims Stake in Cummins Inc. (NYSE:CMI)

Verus Capital Partners LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,037 shares of the company’s stock after selling 75 shares during the quarter. Verus Capital Partners LLC’s holdings in Cummins were worth $361,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. State Street Corp boosted its holdings in shares of Cummins by 2.1% in the 3rd 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. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after purchasing an additional 165,398 shares in the last quarter. FMR LLC boosted its holdings in shares of Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Cummins by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after purchasing an additional 120,579 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Cummins by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock worth $280,634,000 after purchasing an additional 6,608 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Truist Financial upped their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Barclays upped their price objective on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Citigroup dropped their target price on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $386.67.

Cummins Trading Up 1.0 %

CMI opened at $367.90 on Friday. The business has a 50 day simple moving average of $362.32 and a two-hundred day simple moving average of $344.54. The firm has a market capitalization of $50.58 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 2.19 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a one year low of $260.88 and a one year high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results 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 during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.14 EPS. Analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date is Friday, February 21st. Cummins’s payout ratio is 25.84%.

Cummins Company 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.