Edgestream Partners L.P. Has $6.78 Million Stake in Cummins Inc. (NYSE:CMI)

Edgestream Partners L.P. raised its position in Cummins Inc. (NYSE:CMI) by 2,557.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 19,453 shares of the company’s stock after buying an additional 18,721 shares during the period. Edgestream Partners L.P.’s holdings in Cummins were worth $6,781,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CMI. Global Trust Asset Management LLC increased its position in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares during the period. BankPlus Trust Department bought a new stake in shares of Cummins during the fourth quarter worth approximately $26,000. Compass Financial Services Inc acquired a new position in Cummins in the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. bought a new position in Cummins in the fourth quarter valued at approximately $30,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins during the 3rd quarter worth $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 0.8 %

NYSE:CMI opened at $344.49 on Friday. The stock has a 50-day simple moving average of $361.95 and a 200 day simple moving average of $345.63. Cummins Inc. has a 52-week low of $260.88 and a 52-week high of $387.90. The company has a market cap of $47.36 billion, a PE ratio of 12.23, a PEG ratio of 2.19 and a beta of 1.00. 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 (NYSE:CMI) last released its quarterly 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 return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion during the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the firm posted $4.14 EPS. The business’s revenue was down 1.1% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.11%. Cummins’s payout ratio is currently 25.84%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Truist Financial raised 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. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Barclays boosted their price target on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price of $386.67.

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.