World Investment Advisors Purchases Shares of 885 Cummins Inc. (NYSE:CMI)

World Investment Advisors acquired a new position in Cummins Inc. (NYSE:CMI) during the fourth quarter, HoldingsChannel reports. The institutional investor acquired 885 shares of the company’s stock, valued at approximately $309,000.

Several other hedge funds have also modified their holdings of CMI. SevenBridge Financial Group LLC raised its stake in Cummins by 16.8% during the fourth quarter. SevenBridge Financial Group LLC now owns 5,196 shares of the company’s stock valued at $1,936,000 after purchasing an additional 747 shares in the last quarter. Huntington National Bank increased its holdings in shares of Cummins by 59.4% in the 4th quarter. Huntington National Bank now owns 11,623 shares of the company’s stock worth $4,052,000 after buying an additional 4,329 shares during the last quarter. RFG Bristol Wealth Advisors LLC purchased a new stake in shares of Cummins during the 4th quarter valued at about $942,000. Meeder Advisory Services Inc. lifted its holdings in shares of Cummins by 2.3% in the 4th quarter. Meeder Advisory Services Inc. now owns 4,504 shares of the company’s stock valued at $1,570,000 after acquiring an additional 101 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new position in Cummins in the fourth quarter worth about $69,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent research reports. Robert W. Baird upped their price objective on Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. UBS Group cut shares of Cummins from a “buy” rating to a “sell” rating and cut their price objective for the company from $400.00 to $240.00 in a research report on Monday. Citigroup lowered their target price on shares of Cummins from $360.00 to $320.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Truist Financial cut their price target on shares of Cummins from $420.00 to $338.00 and set a “hold” rating on the stock in a report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $359.75.

Cummins Stock Performance

Shares of Cummins stock opened at $265.72 on Wednesday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The stock’s fifty day moving average price is $340.97 and its 200-day moving average price is $347.82. The firm has a market cap of $36.60 billion, a P/E ratio of 9.43, a P/E/G ratio of 2.19 and a beta of 1.07. 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 posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue was down 1.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.14 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is currently 25.84%.

Cummins Company 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.