ING Groep NV Buys 4,963 Shares of Cummins Inc. (NYSE:CMI)

ING Groep NV increased its stake in Cummins Inc. (NYSE:CMI) by 34.1% during the 4th quarter, Holdings Channel reports. The firm owned 19,521 shares of the company’s stock after purchasing an additional 4,963 shares during the quarter. ING Groep NV’s holdings in Cummins were worth $6,805,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Global Trust Asset Management LLC raised its position in Cummins by 59.6% in the 4th quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after buying an additional 28 shares during the last quarter. KG&L Capital Management LLC raised its position 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 last quarter. Massachusetts Wealth Management raised its position in Cummins by 0.6% in the 4th quarter. Massachusetts Wealth Management now owns 4,812 shares of the company’s stock worth $1,677,000 after buying an additional 30 shares during the last quarter. Avestar Capital LLC raised its position in Cummins by 3.2% in the 4th quarter. Avestar Capital LLC now owns 987 shares of the company’s stock worth $344,000 after buying an additional 31 shares during the last quarter. Finally, Equitable Trust Co. raised its position in Cummins by 3.6% in the 3rd quarter. Equitable Trust Co. now owns 920 shares of the company’s stock worth $298,000 after buying an additional 32 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Down 4.6 %

Shares of NYSE:CMI opened at $366.79 on Friday. The stock has a 50 day moving average of $361.51 and a 200 day moving average of $341.71. The company has a market cap of $50.43 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 2.20 and a beta of 1.00. 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 $259.06 and a 12-month high of $387.90.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm’s revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the company posted $4.14 EPS. As a group, equities research analysts expect that Cummins Inc. will post 22.57 EPS for the current 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 paid a $1.82 dividend. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 1.98%. Cummins’s payout ratio is 25.84%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CMI. Barclays boosted their target price on Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. Citigroup reduced their price target on shares of Cummins from $435.00 to $430.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Jefferies Financial Group upped their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Truist Financial upped their price target on shares of Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Finally, Robert W. Baird upped their price target on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average target price 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.