Westpac Banking Corp Sells 1,160 Shares of Cummins Inc. (NYSE:CMI)

Westpac Banking Corp cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 14,046 shares of the company’s stock after selling 1,160 shares during the period. Westpac Banking Corp’s holdings in Cummins were worth $4,896,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mariner Investment Group LLC bought a new position in Cummins in the 4th quarter worth $1,046,000. Franklin Resources Inc. increased its position in shares of Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after buying an additional 99,464 shares during the period. Axxcess Wealth Management LLC raised its stake in Cummins by 133.4% in the fourth quarter. Axxcess Wealth Management LLC now owns 5,798 shares of the company’s stock worth $2,021,000 after buying an additional 3,314 shares in the last quarter. Concurrent Investment Advisors LLC lifted its holdings 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 buying an additional 8,851 shares during the period. Finally, Capital Investment Advisors LLC boosted its position in Cummins by 2.0% during the 4th quarter. Capital Investment Advisors LLC now owns 110,386 shares of the company’s stock valued at $38,481,000 after acquiring an additional 2,211 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $320.04 on Thursday. The stock’s 50 day simple moving average is $349.15 and its 200 day simple moving average is $348.80. 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 Inc. has a 12-month low of $261.51 and a 12-month high of $387.90. The stock has a market capitalization of $44.00 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last announced its quarterly 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. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. During the same period in the prior year, the company posted $4.14 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.27%. Cummins’s dividend payout ratio is presently 25.84%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CMI. Robert W. Baird increased their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. lowered their price objective on Cummins from $420.00 to $375.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $354.00 to $358.00 in a research report on Tuesday, January 14th. Truist Financial increased their price target on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Finally, Citigroup dropped their price objective on shares of Cummins from $430.00 to $360.00 and set a “buy” rating on the stock in a research note on Monday. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $383.67.

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.