Cummins Inc. (NYSE:CMI) Shares Bought by Deseret Mutual Benefit Administrators

Deseret Mutual Benefit Administrators lifted its position in shares of Cummins Inc. (NYSE:CMI) by 32.1% during the fourth quarter, HoldingsChannel reports. The fund owned 716 shares of the company’s stock after acquiring an additional 174 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Cummins were worth $250,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Bell Bank acquired a new position in Cummins during the 4th quarter worth approximately $212,000. Bradley Foster & Sargent Inc. CT boosted its stake in shares of Cummins by 2.5% in the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 2,941 shares of the company’s stock valued at $1,025,000 after buying an additional 72 shares in the last quarter. ING Groep NV grew its holdings in Cummins by 34.1% during the fourth quarter. ING Groep NV now owns 19,521 shares of the company’s stock worth $6,805,000 after acquiring an additional 4,963 shares during the period. Concurrent Investment Advisors LLC raised its position in Cummins by 296.0% in the fourth quarter. Concurrent Investment Advisors LLC now owns 11,841 shares of the company’s stock worth $4,128,000 after acquiring an additional 8,851 shares in the last quarter. Finally, Advyzon Investment Management LLC acquired a new stake in Cummins in the fourth quarter valued at $232,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE CMI opened at $366.79 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The stock has a market cap of $50.43 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00. Cummins Inc. has a fifty-two week low of $259.06 and a fifty-two week high of $387.90. The business has a fifty day moving average of $361.51 and a 200-day moving average of $341.71.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The company had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.14 EPS. As a group, analysts predict that Cummins Inc. will post 22.57 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 1.98%. Cummins’s dividend payout ratio (DPR) is presently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price target for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. StockNews.com cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Finally, Truist Financial raised their price objective on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $386.67.

About Cummins

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.