Hoey Investments Inc. Buys 1,304 Shares of Cummins Inc. (NYSE:CMI)

Hoey Investments Inc. grew its stake in Cummins Inc. (NYSE:CMI) by 1,034.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,430 shares of the company’s stock after acquiring an additional 1,304 shares during the quarter. Hoey Investments Inc.’s holdings in Cummins were worth $498,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CMI. Global Trust Asset Management LLC boosted its stake in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. BankPlus Trust Department bought a new position in shares of Cummins in the fourth quarter worth approximately $26,000. Compass Financial Services Inc purchased a new stake in shares of Cummins during the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. increased its position in shares of Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company’s stock valued at $27,000 after acquiring an additional 52 shares in the last quarter. Finally, TCTC Holdings LLC purchased a new position in Cummins in the 4th quarter worth approximately $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on CMI. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, March 25th. Truist Financial lifted their price objective on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. Barclays upped their target price on shares of 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 lifted their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Finally, Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Nine analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $389.50.

Cummins Price Performance

NYSE CMI opened at $313.45 on Monday. The business’s fifty day moving average is $352.17 and its 200 day moving average is $348.80. Cummins Inc. has a fifty-two week low of $261.51 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a market capitalization of $43.09 billion, a PE ratio of 11.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates 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 business’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $4.14 EPS. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given 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 dividend yield of 2.32%. Cummins’s payout ratio is 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.