Intact Investment Management Inc. Makes New Investment in Cummins Inc. (NYSE:CMI)

Intact Investment Management Inc. acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 200 shares of the company’s stock, valued at approximately $70,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% during the fourth 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 last quarter. BankPlus Trust Department acquired a new position in Cummins during the fourth quarter worth $26,000. Compass Financial Services Inc acquired a new position in Cummins during the fourth quarter worth $27,000. SBI Securities Co. Ltd. acquired a new position in Cummins during the fourth quarter worth $30,000. Finally, Prospera Private Wealth LLC acquired a new position in Cummins during the third quarter worth $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $322.24 on Friday. The stock’s 50-day moving average is $359.39 and its two-hundred day moving average is $346.87. 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 1-year low of $261.51 and a 1-year high of $387.90. The company has a market cap of $44.30 billion, a price-to-earnings ratio of 11.44, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same quarter in the prior year, the business earned $4.14 EPS. Cummins’s revenue was down 1.1% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.26%. Cummins’s dividend payout ratio (DPR) is 25.84%.

Analyst Ratings Changes

CMI has been the topic of several recent analyst reports. Citigroup decreased their price target on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Barclays upped their price target on Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Robert W. Baird upped their price target on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Truist Financial upped their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Bank of America raised Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Nine investment analysts have rated the stock with a hold rating and four 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 price target of $392.64.

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.