King Luther Capital Management Corp Reduces Stock Position in Cummins Inc. (NYSE:CMI)

King Luther Capital Management Corp decreased its position in shares of Cummins Inc. (NYSE:CMI) by 1.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 18,994 shares of the company’s stock after selling 291 shares during the period. King Luther Capital Management Corp’s holdings in Cummins were worth $6,621,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Citizens Financial Group Inc. RI raised its stake in shares of Cummins by 5.1% during the 4th quarter. Citizens Financial Group Inc. RI now owns 31,770 shares of the company’s stock worth $11,075,000 after buying an additional 1,554 shares during the last quarter. Sage Mountain Advisors LLC lifted its holdings in shares of Cummins by 12.7% in the fourth quarter. Sage Mountain Advisors LLC now owns 1,080 shares of the company’s stock valued at $377,000 after purchasing an additional 122 shares in the last quarter. Davis R M Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $284,000. Ranch Capital Advisors Inc. raised its position in shares of Cummins by 1.1% during the 4th quarter. Ranch Capital Advisors Inc. now owns 5,342 shares of the company’s stock worth $1,862,000 after purchasing an additional 59 shares during the last quarter. Finally, Independent Advisor Alliance lifted its stake in Cummins by 41.1% in the 4th quarter. Independent Advisor Alliance now owns 4,883 shares of the company’s stock valued at $1,702,000 after buying an additional 1,423 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on CMI shares. Evercore ISI upped their price objective on Cummins from $408.00 to $451.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Jefferies Financial Group lifted their price target on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Robert W. Baird lifted their target price on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Finally, Truist Financial increased their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research note on Thursday, January 16th. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $386.67.

Cummins Stock Down 1.5 %

CMI opened at $329.21 on Wednesday. Cummins Inc. has a 1 year low of $260.88 and a 1 year high of $387.90. The firm has a 50 day moving average price of $361.09 and a 200 day moving average price of $346.86. 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 cap of $45.26 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 2.19 and a beta of 1.01.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.70 by $0.46. The company had revenue of $8.45 billion during 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 business’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.14 earnings per share. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Friday, February 21st were given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, February 21st. Cummins’s payout ratio is 25.84%.

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.