Weaver C. Barksdale & Associates Inc. Has $2.45 Million Stock Position in Cummins Inc. (NYSE:CMI)

Weaver C. Barksdale & Associates Inc. lowered its holdings in Cummins Inc. (NYSE:CMI) by 2.4% during the 4th quarter, Holdings Channel reports. The firm owned 7,015 shares of the company’s stock after selling 173 shares during the period. Cummins makes up about 2.3% of Weaver C. Barksdale & Associates Inc.’s investment portfolio, making the stock its 4th largest holding. Weaver C. Barksdale & Associates Inc.’s holdings in Cummins were worth $2,446,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after acquiring an additional 250,650 shares during the last quarter. State Street Corp boosted its holdings in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after acquiring an additional 126,703 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 2.2% in the fourth quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after buying an additional 66,887 shares during the period. FMR LLC lifted its holdings in shares of Cummins by 0.8% during the third quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after purchasing an additional 9,245 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Cummins by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 981,766 shares of the company’s stock worth $342,244,000 after acquiring an additional 120,579 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Barclays raised 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. Citigroup cut their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. UBS Group cut their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research note on Tuesday, March 18th. Finally, JPMorgan Chase & Co. cut their price target on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $389.50.

Cummins Price Performance

Cummins stock opened at $330.57 on Wednesday. Cummins Inc. has a 1 year low of $261.51 and a 1 year high of $387.90. The company’s 50 day simple moving average is $354.72 and its 200-day simple moving average is $348.24. The company has a market capitalization of $45.45 billion, a price-to-earnings ratio of 11.73, 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 (NYSE:CMI) last posted its earnings results on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating 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 firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the company posted $4.14 earnings per share. Cummins’s revenue for the quarter was down 1.1% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

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.