Zions Bancorporation N.A. Sells 283 Shares of Cummins Inc. (NYSE:CMI)

Zions Bancorporation N.A. decreased its holdings in Cummins Inc. (NYSE:CMI) by 72.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 109 shares of the company’s stock after selling 283 shares during the period. Zions Bancorporation N.A.’s holdings in Cummins were worth $38,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. DRW Securities LLC purchased a new stake in shares of Cummins during the 3rd quarter valued at about $303,000. FMR LLC boosted its holdings in Cummins by 0.8% in the third 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 during the last quarter. Avestar Capital LLC grew its position in Cummins by 5.9% in the 3rd quarter. Avestar Capital LLC now owns 956 shares of the company’s stock worth $310,000 after purchasing an additional 53 shares during the period. Townsquare Capital LLC raised its stake in Cummins by 7.3% during the 3rd quarter. Townsquare Capital LLC now owns 3,287 shares of the company’s stock valued at $1,064,000 after buying an additional 223 shares during the last quarter. Finally, Freedom Investment Management Inc. lifted its holdings in shares of Cummins by 405.2% during the 3rd quarter. Freedom Investment Management Inc. now owns 3,663 shares of the company’s stock valued at $1,186,000 after buying an additional 2,938 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $323.93 on Friday. The firm has a market cap of $44.53 billion, a PE ratio of 11.50, a PEG ratio of 2.19 and a beta of 1.01. The stock has a 50 day moving average of $353.22 and a 200 day moving average of $347.93. 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 Inc. has a 12 month low of $261.51 and a 12 month high of $387.90.

Cummins (NYSE:CMI) last posted its 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. 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 period in the prior year, the company earned $4.14 EPS. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.25%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday. Evercore ISI boosted their target price on shares of Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. UBS Group decreased their target price on Cummins from $432.00 to $400.00 and set a “buy” rating on the stock in a report on Tuesday, March 18th. Finally, Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average 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.