Davis R M Inc. Buys New Position in Cummins Inc. (NYSE:CMI)

Davis R M Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) during the 4th quarter, HoldingsChannel reports. The firm purchased 816 shares of the company’s stock, valued at approximately $284,000.

Other large investors have also added to or reduced their stakes in the company. Mariner Investment Group LLC bought a new stake in shares of Cummins during the 4th quarter valued at about $1,046,000. Alpha DNA Investment Management LLC purchased a new stake in Cummins in the third quarter worth about $748,000. Franklin Resources Inc. boosted its position in Cummins by 74.2% during the 3rd quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock valued at $79,017,000 after acquiring an additional 99,464 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Cummins by 21.2% during the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock worth $127,898,000 after acquiring an additional 68,627 shares during the period. Finally, Hancock Whitney Corp raised its position in shares of Cummins by 545.1% in the 3rd quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after acquiring an additional 32,642 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI opened at $329.21 on Wednesday. The company has a market cap of $45.26 billion, a price-to-earnings ratio of 11.69, a P/E/G ratio of 2.19 and a beta of 1.01. The business’s fifty day simple moving average is $361.09 and its two-hundred day simple moving average is $346.86. Cummins Inc. has a 12 month low of $260.88 and a 12 month high of $387.90. 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 (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.70 by $0.46. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The company had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period last year, the firm posted $4.14 earnings per share. Cummins’s revenue was down 1.1% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

Analyst Upgrades and Downgrades

CMI has been the topic of several recent research reports. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and upped their price target for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Evercore ISI upped their target price on shares of Cummins from $408.00 to $451.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Truist Financial lifted 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. Robert W. Baird upped their price objective on shares of Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Finally, Barclays raised their target price on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Eight research 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 presently has a consensus rating of “Hold” and an average price target of $386.67.

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.