SouthState Corp Acquires 1,000 Shares of Cummins Inc. (NYSE:CMI)

SouthState Corp grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 384.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,260 shares of the company’s stock after buying an additional 1,000 shares during the quarter. SouthState Corp’s holdings in Cummins were worth $439,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CMI. Global Trust Asset Management LLC raised its holdings in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company’s stock worth $26,000 after acquiring an additional 28 shares in the last quarter. BankPlus Trust Department bought a new stake in shares of Cummins during the 4th quarter worth approximately $26,000. Compass Financial Services Inc acquired a new stake in shares of Cummins in the 4th quarter valued at approximately $27,000. SBI Securities Co. Ltd. bought a new position in shares of Cummins in the fourth quarter valued at $30,000. Finally, Prospera Private Wealth LLC bought a new position in shares of Cummins in the third quarter valued at $32,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Jefferies Financial Group increased their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Citigroup dropped their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Bank of America upgraded Cummins from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $354.00 to $358.00 in a research note on Tuesday, January 14th. Finally, Truist Financial raised their price target on Cummins from $424.00 to $425.00 and gave the company a “hold” rating in a report on Thursday, January 16th. Nine equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $392.64.

Cummins Price Performance

NYSE:CMI opened at $326.13 on Tuesday. Cummins Inc. has a 52 week low of $261.51 and a 52 week high of $387.90. 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 firm’s 50-day simple moving average is $358.75 and its 200 day simple moving average is $347.28. The firm has a market cap of $44.84 billion, a price-to-earnings ratio of 11.58, a P/E/G ratio of 2.19 and a beta of 1.01.

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

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Friday, February 21st were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, February 21st. This represents a $7.28 annualized dividend and a yield of 2.23%. Cummins’s dividend payout ratio is presently 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.