Kendall Capital Management Sells 70 Shares of Cummins Inc. (NYSE:CMI)

Kendall Capital Management lowered its holdings in Cummins Inc. (NYSE:CMI) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,632 shares of the company’s stock after selling 70 shares during the period. Kendall Capital Management’s holdings in Cummins were worth $2,661,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% during the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after acquiring an additional 28 shares during the period. BankPlus Trust Department purchased a new position in shares of Cummins in the fourth quarter valued at $26,000. Compass Financial Services Inc bought a new stake in shares of Cummins during the 4th quarter valued at $27,000. SBI Securities Co. Ltd. purchased a new stake in Cummins during the 4th quarter worth about $30,000. Finally, Prospera Private Wealth LLC purchased a new position in Cummins during the 3rd quarter valued at about $32,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 0.8 %

Shares of NYSE CMI opened at $341.97 on Friday. The stock has a market capitalization of $47.01 billion, a P/E ratio of 12.14, a PEG ratio of 2.19 and a beta of 1.01. Cummins Inc. has a one year low of $260.88 and a one year high of $387.90. The firm’s 50 day simple moving average is $361.77 and its two-hundred day simple moving average is $346.22. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80.

Cummins (NYSE:CMI) last released 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. 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% compared to the same quarter last year. During the same quarter last year, the firm earned $4.14 EPS. As a group, analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of analyst reports. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Robert W. Baird raised their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. 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 report on Tuesday, January 14th. Truist Financial lifted 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. Finally, StockNews.com lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Thursday, February 6th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $386.67.

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.