SevenBridge Financial Group LLC Acquires 747 Shares of Cummins Inc. (NYSE:CMI)

SevenBridge Financial Group LLC increased its stake in Cummins Inc. (NYSE:CMI) by 16.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,196 shares of the company’s stock after buying an additional 747 shares during the period. SevenBridge Financial Group LLC’s holdings in Cummins were worth $1,936,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC increased its holdings in shares of Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock valued at $26,000 after purchasing an additional 28 shares during the period. KG&L Capital Management LLC increased its holdings in Cummins by 0.8% in the 4th quarter. KG&L Capital Management LLC now owns 3,749 shares of the company’s stock worth $1,296,000 after buying an additional 28 shares during the period. Signaturefd LLC raised its position in Cummins by 0.9% during the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company’s stock worth $1,155,000 after buying an additional 28 shares during the last quarter. Massachusetts Wealth Management lifted its stake in Cummins by 0.6% during the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock valued at $1,677,000 after acquiring an additional 30 shares during the period. Finally, Avestar Capital LLC boosted its holdings in shares of Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock valued at $344,000 after acquiring an additional 31 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CMI. UBS Group decreased their target price on shares of Cummins from $432.00 to $400.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th. Truist Financial upped their target price on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Barclays lifted their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a report on Wednesday, February 5th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and increased their target price for the company from $354.00 to $358.00 in a research report on Tuesday, January 14th. Finally, Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $383.67.

Cummins Stock Performance

NYSE:CMI opened at $315.09 on Wednesday. The business’s fifty day moving average price is $350.07 and its 200 day moving average price is $349.00. The firm has a market capitalization of $43.32 billion, a PE ratio of 11.19, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01. Cummins Inc. has a 12 month low of $261.51 and a 12 month high of $387.90. 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 posted its earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $4.70 by $0.46. The firm had revenue of $8.45 billion during 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%. During the same quarter in the previous year, the business earned $4.14 earnings per share. The firm’s revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Friday, February 21st were paid a dividend of $1.82 per share. The ex-dividend date was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.31%. Cummins’s dividend payout ratio is currently 25.84%.

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.