Cummins Inc. (NYSE:CMI) Shares Sold by Whittier Trust Co.

Whittier Trust Co. lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,632 shares of the company’s stock after selling 127 shares during the quarter. Whittier Trust Co.’s holdings in Cummins were worth $917,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new position in Cummins in the fourth quarter worth about $187,082,000. Proficio Capital Partners LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $71,279,000. Amundi increased its holdings in shares of Cummins by 32.3% in the 4th quarter. Amundi now owns 771,038 shares of the company’s stock valued at $277,381,000 after acquiring an additional 188,254 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares in the last quarter. 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 during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 1.1 %

Cummins stock opened at $321.78 on Friday. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. The stock has a market cap of $44.24 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 2.19 and a beta of 1.01. The company’s 50-day moving average price is $355.99 and its two-hundred day moving average price is $347.41. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42.

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

Cummins Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Barclays raised their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. UBS Group cut their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Evercore ISI upped their target price on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Finally, JPMorgan Chase & Co. lowered their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research note on Tuesday, March 18th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus target price of $389.50.

Cummins 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.