Cummins Inc. (NYSE:CMI) Stock Holdings Boosted by First American Bank

First American Bank lifted its position in Cummins Inc. (NYSE:CMI) by 4.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,506 shares of the company’s stock after buying an additional 561 shares during the period. First American Bank’s holdings in Cummins were worth $4,708,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Cummins by 7.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 17,355 shares of the company’s stock worth $5,619,000 after purchasing an additional 1,236 shares during the last quarter. Pallas Capital Advisors LLC acquired a new position in Cummins in the third quarter worth approximately $292,000. First Trust Direct Indexing L.P. lifted its position in shares of Cummins by 12.1% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,711 shares of the company’s stock valued at $1,849,000 after acquiring an additional 618 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Cummins by 1.6% during the 3rd quarter. Pinnacle Associates Ltd. now owns 36,524 shares of the company’s stock valued at $11,826,000 after acquiring an additional 576 shares during the last quarter. Finally, Cornerstone Wealth Group LLC grew its holdings in shares of Cummins by 0.5% in the 3rd quarter. Cornerstone Wealth Group LLC now owns 34,785 shares of the company’s stock worth $11,263,000 after acquiring an additional 187 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Barclays lifted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 5th. 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. The Goldman Sachs Group lifted their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Evercore ISI lifted their price target on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus price target of $386.67.

Cummins Trading Down 0.6 %

NYSE:CMI opened at $364.35 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.80 and a current ratio of 1.31. The company has a market capitalization of $50.09 billion, a P/E ratio of 12.93, a P/E/G ratio of 2.19 and a beta of 1.00. The stock’s 50 day moving average price is $361.99 and its 200 day moving average price is $343.63. Cummins Inc. has a 52 week low of $260.88 and a 52 week high of $387.90.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to the consensus estimate of $8.06 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $4.14 EPS. On average, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be paid a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 annualized dividend and a dividend yield of 2.00%. Cummins’s dividend payout ratio (DPR) is presently 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.